The match will be Yugoslav-born Seles's first court appearance since she was stabbed in the back by a spectator during a tournament in Hamburg in 1993.
Seles, 21, will attend the Special Olympics World Games on 8 July at New Haven, Connecticut, where she will conduct a clinic. There was no word on when Seles intends to return to the professional circuit after she meets Navratilova, who retired in November.
"This is a first step forward for me and I am so excited," Seles said. "It has been a difficult couple of years. I'm looking very much forward to playing Martina again and starting to do something I love to do."
"This is a great opportunity to play Monica one more time," Navratilova said. "One of my only regrets when I retired last year was that Monica and I had not competed at the end of my career. I don't know which one of us is going to be more thrilled on the 29th."