Clarke, one of the top batsmen of his generation, will star at the four-team tournament from May 28-29 in a rare appearance since his retirement last year.
"While I have never been to Hong Kong before, I have heard so much about what a great place it is for sport," he said in a statement from organisers on Wednesday.
"I can't wait to meet my team-mates and experience the city, while also hopefully contributing to the game of cricket in Hong Kong which I know has been coming on leaps and bounds in recent years."
Clarke returned to action in a Sydney club game in February, and he has also held talks with the Sydney Sixers about playing in Australia's Twenty20 Big Bash League.
T20 cricket can be a big money-spinner for players, with Australian veteran Shane Watson netting a US$1.4 million contract at this year's Indian Premier League auction.
Organisers said they were delighted to welcome Clarke to the T20 Blitz, which follows Hong Kong's appearance at this year's World Twenty20 tournament.
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