The six-aside tournament has been organised to remember former University of Lincoln students Adam Gibbons, from Cherry Willingham and Daniel Sibley.
The matches will take place at the university's astro-turf pitch on the Brayford Pool campus. Fellow student Matt Wilson, 20, has been organising the charity football tournament in honour of the pair.
He is planning on having 20 teams, each paying £24 to enter. Eight teams have already signed up for the event, which is set to take place on Friday and Mr Wilson is hoping to recruit the rest at the university's Freshers' Fair this week.
"I was really good friends with Adam and had known him for years," said Mr Wilson, who is in the third year of a sport and exercise science degree.
"It was huge blow when he died and of course it was terrible to lose Daniel in such a short space of time as well."
Adam and Daniel were both students on the sports development and coaching course when they died in the Christmas break of 2007/2008. Daniel died of meningitis on December 22 and Adam died on January 4 following a brain haemorrhage suffered on New Year's Eve.
Any money raised will be split between the meningitis charity Forever Fund and the Adam Gibbons Sports Foundation Fund. The Echo reported in January last year that the foundation was being set up to immortalise the memory of the 18-year-old.
City-based firm Running Imp are to provide a winning trophy, medals and banners for the event.
To sign up to the charity match e-mail matt-matt89@live.co.uk