The driver line-up for the July event includes 20 world champions who have amassed more than 70 world titles between them. Other drivers confirmed include Stirling Moss, Jackie Stewart and John Surtees.
Mercedes drivers Nick Heidfeld and Nico Rosberg will drive the W01 up the hill, Marc Gene will drive Ferrari's F10 and Nico Hulkenberg is set to drive Williams' FW31.
British F3 title winner Daniel Ricciardo will represent Red Bull Racing on Friday 2 July, while Monaco Grand Prix winner Mark Webber will take over from his Australian compatriot the following day.
This year's event will celebrate 60 years of the F1 world championship with at least five current teams including McLaren, Ferrari, Red Bull and Williams in attendance.
The theme of the 2010 Festival is "Viva Veloce! The Passion for Speed", celebrating Italy's passion for motor racing. Alfa Romeo will feature heavily as the marque reaches its centenary this year.
World rally fans will get to see Sebastien Loeb and Ken Block in action, and Audi, Peugeot and Aston Martin will bring their LMP1 sports prototypes fresh from the Le Mans 24 Hours.
Preceding this year's FoS will be the first running of the Moving Motor Show, where more than 20 manufacturers will give certain invited drivers the opportunity to 'test drive' the latest production cars on a special, six-mile evaluation route running across the Goodwood estate, including the famous hillclimb road.