John Greig and Billy McNeill will lead out the teams at the New Year Old Firm game to help mark the 40th anniversary of the second Ibrox disaster.
Former Rangers manager Greig captained the Light Blues in the 1971 game, when 66 fans died in a crush on the home terracing.
Former Celtic manager and skipper McNeill will again lead out the Hoops before a minute's silence is held ahead of the kick-off to the Clydesdale Bank Premier League game on January 2.
Greig said: "The terrible events of 2nd January, 1971 will never be forgotten. It was a horrific day for everyone who lost loved ones at the game and they will always be in our thoughts."
McNeill added: "The Ibrox disaster is something which I will personally never forget and an event which will forever be ingrained in the memory of Scottish football.
"This was a terrible tragedy and one which we rightly should remember as we pay our sincere respects to the victims and their families."
Rangers players will wear a commemorative shirt with a special badge while a collection will take place in aid of St Andrews First Aid, who played a significant role in assisting the injured.
Earlier, a wreath will be laid at the permanent memorial at Ibrox by Greig, former team-mate Sandy Jardine and chief executive Martin Bain. A memorial service will be held the following day at 11am at the Govan corner, the location closest to stairway 13 where the disaster occurred.
Rangers manager Walter Smith, who was a spectator at the game, said: "Men, women and children lost their lives that day and they will never be forgotten by this club or our fans.
"They will also never be forgotten by the people of Glasgow who came together in the days and weeks following the disaster. It didn't matter what football team you supported, or even if you were a football fan, the city united in grief."
Source: PA
