Lee is now 40, but still playing. He has a contract with promotion chasing Wycombe Wanderers. Lee will join old mates Les Ferdinand, Gary Speed and fellow Geordie Steve Watson in Shearer's select XI against Celtic in his sold-out testimonial game.
The proceeds from the game - expected to be in excess of £1million - will go to charity, and also fund a football scholarship.
Rob Lee: "Alan is a consummate professional, his career on Tyneside is second to none. He has broken all records, he is Newcastle United's and the Premiership's all-time leading goalscorer. It is a great honour. He is a great man and probably the greatest player ever to have played for Newcastle United."
Alan Shearer: "When I walk out on to the pitch on May 11 at St James' Park, it will be one of the proudest moments of my life. I am absolutely delighted Les, Rob, Gary and Steve have accepted my invitation to play for my select XI.
"Celtic will be fielding their strongest possible present-day team and I want the game to be as competitive as possible.
"When I partnered big Les up front in the 1996-97 season, we plundered 44 goals between us, so who knows - there might just be one or two more to come! With the potential presence of Roy Keane and Neil Lennon in midfield, Rob and Gary are likely to be very busy throughout the 90 minutes."
Les Ferdinand: "Alan Shearer is probably one of the most gifted and talented goalscorers ever to play in the Premiership and the modern game.
It was one of the highlights of my career to partner big Al up front for the Toon. Sometimes when we were attacking the Gallowgate End, it was almost inevitable what was going to happen."
Gary Speed: "The roof will be off the stadium when big Al runs out for one final time in front of the Toon Army, and you just wouldn't back against him scoring against Celtic. It will be a real honour for me to return to St James' Park and an opportunity for the fans who have supported him so well throughout his career to give him the send-off he deserves. The atmosphere will be truly electric."
Steve Watson: "The testimonial game will be one of the most fitting tributes to a true Tyneside and footballing legend. I was intending to go to the game as a fan, so when Alan telephoned me to ask me to play, I was absolutely delighted. To be on the pitch for big Al's farewell game will be a tremendous honour and something I will remember for many years to come."