He will also contest a similar, $10,000 event on the Queenstown Golf Club's Kelvin Heights course a few days earlier.
Sir Bob, who turns 75 in March, retired from serious international competition last year, ending an illustrious 50-plus-year career that yielded 68 wins as a professional.
Last month, he was made a Member of the Order of New Zealand in the New Year honours, joining an elite group of 18.
In an interview at the time, he said while he had retired, he might play some senior (over 50) events "as a bit of fun", to challenge himself against younger golfers - "I'm old enough to be their father".
Otago Golf Club general manager Evan Robb said Sir Bob phoned him earlier this week to say he had enjoyed playing in last year's event at Balmacewen so much he would like to come back again.
"So, getting Sir Bob back is great news," he said.
Last year, Sir Bob finished third equal in the $30,000, 36-hole tournament, won by Australian Brian Jones, having made headlines on the first day when he shot a two-under-par 69.
This year's tournament, which has earned order-of-merit status with its $15,000 prizemoney increase, will be co-hosted by the Otago and St Clair Golf Clubs for the first two days (February 25 and 26), with the final day (the 27th), for professionals only, being held at Balmacewen.
Several other leading senior (over 50) professional golfers are being touted to compete in the Dunedin and Queenstown events, which kick off the South Island leg of the Australasian PGA Legends tour, including Mike Harwood, Peter Fowler, Peter Senior, Rodger Davis, Bob Shearer and New Zealand brothers Simon and Craig Owen.
But Mr Robb emphasised confirmed starters would not be known until a month before the events.
Amateur teams of three pay a total of $780 (plus GST) to play alongside the professionals in Dunedin, while in Queenstown (February 23) it costs $375 (standard) or $675 (hole sponsors).
