Sixteen Team GB stars from London 2012, including Mo Farah, brothers Alistair and Jonathan Brownlee and boxer Nicola Adams, will compete to be crowned the two best 'superstars' in the one-off episode.
Farah said: "Superstars is going to be a lot of fun. I'm really looking forward to it. After a hard season it will be nice to compete in a different environment.
"Some of the events are quite new to me which will make it all the more interesting."
The athletes will tackle seven different disciplines such as track and field events, kayaking and archery, before heading into the gym tests, the famous grand finale of Superstars.
London 2012 bronze medallist Rebecca Adlington will act as a mentor to all the competitors when they take to the pool for a 50m swim.
Gabby Logan, whose footballer father Terry Yorath featured on Superstars during the 1970s, will host the special, while former Olympians Denise Lewis and Iwan Thomas are to serve as pundits.
"I am thrilled to be hosting this special edition of Superstars, we have an incredible lineup of Olympic heroes," Logan said.
"What an opportunity for them to compete against each other across a range of diverse physical challenges. My dad was on Superstars back in the late '70s and as a kid it was one of my favourite shows."
Mark Linsey, the BBC's Controller of Entertainment Commissioning, added: "As a great fan of the original series I am thrilled to commission this one-off for Christmas.
Photo gallery - Superstars Olympic special contestants:
Copyright: PA Images Joel Ryan/AP
"It will be a real treat especially as it will star an unbelievable lineup of medal-winning athletes from London 2012."
Superstars originally ran on the BBC from 1973 to 1985, before being revived for three annual competitions between 2003 and 2005.
Watch Rebecca Adlington talk to Digital Spy below: