Funds will also be used for Alder Hey’s new Hospital in the Park, as well as providing support packages to Claire House, Positive Futures, Centre 56 and Cash for Kids.
The match is also an early farewell for club captain Gerrard, who will leave Liverpool at the end of the season, with fans able to see their legendary player line up alongside his former colleagues and football legends, with the event already sold out.
Gerrard's former vice captain Jamie Carragher will captain the other side, and the two met at the club's training ground to pick their guest players, with the rest of the squads to be made up of youth players and current first team players who aren't on international duty.
The pair exchanged barbs over their squad selection, with Carragher even ribbing his long time friend about his upcoming move to MLS side LA Galaxy.
Gerrard's picks: Brad Jones, John Terry, John Arne Riise, Xabi Alonso, Kevin Nolan, Ryan Babel, Luis Suarez, Fernando Torres, Thierry Henry
Carragher's picks: Pepe Reina, Martin kelly, Alvaro Arbeloa, Jon Jo Shelvey, Luis Garcia, Raul Meireles, Dirk Kuyt, Didier Drogba, Craig Bellamy
The prospect of Torres and Suarez in the same Liverpool side is surely something Reds fans will wish they had seen at Anfield, whilst the addition of Premier League legend Henry gives Jamie Carragher some work to do at the back.