Dempsey/Del Piero Racing said on Tuesday they had applied to enter the French race in June with three drivers, including the Grey's Anatomy actor and Joe Foster and Michael Avenatti who will also serve as principals.
The team will be based in the United States and also plan to compete in the American Le Mans Series this year.
No financial details were revealed or what the 38-year-old Sydney FC striker's role will be with the team but the Italian was excited to add his name to the existing Dempsey Racing.
"I have had a passion for motor sport since I was a young boy growing up in Italy," Del Piero said in a statement on his website.
"I am thrilled at the opportunity to team with Patrick. We expect to compete at a very high level and our central focus will be on winning world championships."
The team said that the car's livery and sponsorship deals will be amongst other details released in the coming weeks.
Del Piero, who won numerous titles in his 19-year spell with Juventus in Italy and the World Cup in 2006, signed a two-year contract with Sydney FC in September.
While the team has struggled on the field, the Italian has produced a number of strong individual performances, including scoring four goals in a record 7-1 win over Wellington Phoenix on Sunday.
"We are excited to join forces with Alessandro and compete at the highest levels of racing," Dempsey said.
"Alessandro's passion for winning and leadership skills will be invaluable and he will play an important role in the development and direction of the team."
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