The Chelsea star will lead out the Three Lions before receiving a golden cap in honour of making his 100th international appearance against Ukraine in September
Steven Gerrard has been ruled out of the fixture at Wembley due to a hip injury, while Lampard will be awarded a golden cap prior to kick-off against Chile in recognition of his 100th appearance.
The Chelsea midfielder, who gained his 100th England cap against Ukraine in September, will receive his award from his father, Frank Lampard Sr. and Sir Geoff Hurst.
"It's going to be very special," Lampard told reporters. "100 caps have been a long time coming. I've seen gold caps get rightly given to Stevie [Gerrard] and Ashley [Cole], and I'm very proud.
"Having Sir Geoff there was an FA idea, but I'm very happy with it because I've had links to him all my life through my dad, and he's an England hero.
"I requested my dad be involved because there aren't many international fathers and sons.
"It's the sort of thing he normally shies away from but with a bit of pressing he's managed to get himself out there, and I'm sure he'll be a very proud dad when he does."
Kyle Walker will also miss the match against Chile but England manager Roy Hodgson is hopeful that the Tottenham right-back, along with Gerrard, will be fit to face Germany on Tuesday.
Hodgson confirmed that Joe Hart will not start in goal against Jorge Sampaoli’s side, meaning either Celtic’s Fraser Forster or Norwich City’s John Ruddy will deputise.
Southampton striker Rickie Lambert has suffered a muscle injury in training, ruling him out of the match against Chile and making him a doubt for the match against Joachim Low’s side.
Liverpool forward Daniel Sturridge remains a doubt for Friday’s fixture due to a foot injury.