Ex-Formula 1 racer Johnny Herbert and McLaren test driver Oliver Turvey are among the entries for the Henry Surtees Trophy charity kart race at Buckmore Park on October 20.
The event is open to any MSA licence holder or Club 100 karting member who is 16 or over, and costs £500 to enter.
Prizes include a Mercedes GP simulator session and lunch with team boss Ross Brawn, a Ferrari Experience Day at Maranello, a Formula 2 test at Bedford, a Formula Renault UK test with Manor Competition, two VIP tickets to the 2012 British Grand Prix, and two tickets to the AUTOSPORT Awards.
Herbert and Turvey are among those already expected to compete, along with GP2 frontrunner Sam Bird, GP3 race winner Alexander Sims and recently crowned British Formula Ford champion Scott Malvern.
Sims said: "With the prizes that have been donated this is a serious race that could help a lot with a young driver's career. I'm sure competition will be intense.
"I look forward to being there and fighting it out with many of the best drivers in the UK."
The event is designed to raise money for the Henry Surtees foundation, which was set up after the death of 1964 F1 World Champion John Surtees's son in an F2 race at Brands Hatch in 2009. It aims to assist people with accidental brain and physical injuries, and provide education and training in technology, engineering and fitness.