Rooney is to come out of worldwide retirement to make his 120th and final England appearance against the United States at Wembley on November 15.
"However, to honour Wayne Rooney and his record-breaking England career, we will also help raise money for the Wayne Rooney Foundation through a number of fundraising initiatives around the match".
After news of Rooney's return drew a mixed response, the Football Association revealed the D.C. United striker would only make a second-half cameo appearance at Wembley.
"There have been ongoing discussions since Wayne retired about paying tribute to him and his England career", said the manager, who added Rooney had declined an opportunity to be honoured ahead of the World Cup so as not to take the attention away from those going to Russian Federation.
England manager Gareth Southgate says the team hasn't been great at recognising its veterans, something he hopes to change. I am still able to look to the future with the squad we've picked, but we've talked a lot about the history of the shirt.
Rooney was one of 28 players selected Thursday (NZT Friday) by Southgate, but the former captain will not play on November 18 against Croatia in England's final Uefa Nations League game.
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Rooney, a record goalscorer for both Manchester United and England, retired from global football in August 2017. "It's a real good thing for everyone to be a part of", he added.
"Wayne was one of our greatest ever England players. I think all the players respect Wayne's contribution and that he deserves the best possible send-off". This is a chance for not only a great player, but an iconic player and top goalscorer.
"If we're also talking about helping young players develop in the global set-up, then surely celebrating Wayne's career in this way is an example to the next generation of England stars".
Although these plans are bound to come in for criticism, England defender Kyle Walker has defended them: "I think it is good".
The former Manchester United captain has starred for DC United since moving to Major League Soccer in June. "But hopefully I can keep fit and healthy and score a few more goals".