Western Australian Meyer, 28, won the Tour in 2011 and posted a series of impressive results during his career on the road and track – including a Tour de France team time trial stage win in 2013, plus three gold medals at the 2010 Commonwealth Games.
Meyer announced his retirement in June, citing personal reasons, but then made a comeback in October at the Six Day London event.
Santos Tour Down Under race director Mike Turtur said Meyer would be out to impress.
“He’s obviously a former winner of the race and he’s had a distinguished career on the road and track,” Turtur said.
“He’s a class all-rounder, but he can mix it on the climbs in our race and the small group sprint finishes will be ideal for him.
“This is a great opportunity to get a good result here, and he has a young, strong team around him.”
The first stage of the Tour Down Under takes place on Tuesday January 17, going from Adelaide to Lyndoch.
The race, which also features stars such as Richie Porte, Peter Sagan and Geraint Thomas, continues around South Australia for five more stages until finishing back with a street circuit loop in central Adelaide on Sunday January 22.