The match will be played on Centre Court at Rexall Centre on August 5 on the opening night of the week long WTA tournament.
Seles will return to Toronto for the first time since being inducted into the Rogers Cup Hall of Fame in 2009. Bouchard recently cracked the top 70 in the rankings.
Serena Williams is coming off her French Open title. She says she's looking forward to a "really fun match" with Seles and "hopefully another successful week at Rogers Cup."
Seles made her winning comeback at the 1995 Rogers Cup following a two-year absence from the sport after being stabbed by a deranged fan.