Taylor, a 16-time world champion will make a return to the competition after losing the quarter-final last year.
Considered the greatest darts player of all time, the 63-year-old announced he will retire at the end of 2024.
America’s Leonard Gates, who won last year’s competition after beating England’s Richie Howson 13-10, will aim to defend his title.
The 53-year-old will play Howson again in the first round of the tournament on Saturday.
Scotland’s Henderson, 50, will hope to continue his run of success after becoming the 2024 World Seniors Darts Champion last month.
Also joining them are darts veterans, two-time world seniors champion Robert Thornton, three-time BDO world champion Martin Adams and Andy Hamilton.
A further five players will also be selected.
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