Soccer Aid, which raises money for UNICEF, takes place on Sunday, May 27 and will air live on ITV1.
The 2010 event saw Williams's England team lose 7-6 on penalties to the Rest of the World after a 2-2 draw. Hollywood star Woody Harrelson scored the winning penalty for Sheen's XI, and the Cheers actor will return for this year's match.
Speaking about gaining revenge in this year's match, Williams said: "Sometimes the English sense of politeness can stretch too far. As hosts, I think we made our guests too comfortable last time out.
"Servility over, time for some 1966 style passion. Good luck Rest of the World, you will need it."
Rival and last year's winning captain Sheen said: "We can't wait to get at the England team again. We had them running scared last time as we held our nerve when they bottled it in the penalty shootout. They're all a bunch of fancy dans who will have to be very careful they don't lose two on the spin.
"We've got a brilliant squad this year and everyone is really up for it - bring it on!"
The current teams for Soccer Aid include:
Captain: Robbie Williams
Team: Jason Isaacs, Mark Owen, Marvin Humes, Aston Merrygold, Olly Murs, John Bishop, Jonathan Wilkes, Ben Shephard, Jamie Theakston and Paddy McGuinness.
Football legends: Teddy Sheringham, David Seaman, Kevin Phillips, Des Walker and Martin Keown.
Coached by Bradley Walsh.
Rest of the World
Captain: Michael Sheen
Team: Will Ferrell, Gerard Butler, Mike Myers, James McAvoy, Patrick Kielty, Sergio Pizzorno, Gordon Ramsay, Woody Harrelson and Edward Norton.
Football legends: Edwin van der Sar, Roy Keane, Ruud Van Nistelrooy, Hernan Crespo and Jaap Stam.
Coached by Kenny Dalglish and Ian Rush.
Tickets are now on sale for Soccer Aid 2012. Call 0161 444 2012 or visit itv.com/socceraid.