Second to Snell in 1962 and second to break four minutes, Englishman Bruce Tulloch (3.59.3), will be at the anniversary meeting to present prizes to the runners.
Athletics Wanganui and Athletics NZ president Alec McNab said the Cooks Classic was part of the NZ Grand Prix and would be held 50 years to the day Snell broke four minutes.
Lining up against Willis will be some of his Michigan-based training squad, American stars Will Leer and Brandon Bethke and US-based Briton Lee Emmanuel.
Young Wanganui star Brad Mathas has been given the honour of making the pace for Willis and crew. The 18-year-old wrapped up his school career by retaining the New Zealand secondary schools 800m title at Wellington in December.
"This a real honour for Brad and I know he's strong enough to set the pace Nick Willis will be looking for," McNab said.
Wellington runner Hamish Carson is also confirmed for the Cooks Classic.
The support card at Cooks Classic is just as mouth-watering with the cream of New Zealand's other athletic codes competing in the high jump, javelin, shot put, triple jump and relay events.
Although Valerie Adams and rising star Jacko Gill will not feature in the shot put, McNab said a number of other top shot putters will appear as will Liz Lamb, one of the country's best high jumpers who is rated sixth in the Commonwealth.
The squad of 18 athletes in the Young Olympians programme will also appear along with 11 touring New South Wales athletes.
"Nick Willis, who attended two Young Olympia camps in Wanganui when he was in the junior ranks, was happy to be a mentor to today's squad and will talk to them during his stay," McNab said.
While it was doubtful next Friday's Cooks Classic would attract the 15,000 to 17,000 crowd estimated to have witnessed Snell's record-breaking run, McNab said he was hopeful Wanganui would turn out in numbers to celebrate the 50 year anniversary.
"We have decided not to charge an entrance fee given the event comes hot on the heels of the festive season, but we will be asking for a gold coin donation. The events start at 6.45pm on Friday and several events will continue on Saturday morning,' McNab said.