Chanderpaul made his West Indies debut against England in 1994
Lancashire have signed Shivnarine Chanderpaul and Simon Katich as replacement overseas players for Sri Lanka captain Kumar Sangakkara.
Sangakkara had been due to arrive after the World Twenty20 but now has further international commitments.
Katich will arrive in June, with Chanderpaul available from mid-July until the end of the season.
Lancashire also had talks with Younus Khan, but his appeal against a Pakistan Cricket Board ban halted the deal.
South Africa batsman Ashwell Prince is the current overseas player at Old Trafford, with Australia international Katich filling the void when he leaves.
The New South Wales left-hander is then expected to play in his country's series against Pakistan, leaving Lancashire without an overseas player until Chanderpaul arrives.
"We've been in constant touch with Kumar and he is of the same opinion that his availability would be very limited," Lancashire cricket director Mike Watkinson told BBC Radio Lancashire.
"We've taken the decision to move on. It's disappointing that a player of his quality will not be available to us.
"Katich will come in and play the first nine Twenty20 games and the Championship game against Yorkshire.
"We then have a a little bit of a gap, with Chanderpaul then coming in to play the last seven Championship fixtures.
"The gap is there for us to leave or fill in. We can have two overseas players for the Twenty20 and one for the other periods.
"When Katich comes in he could be accompanied by another overseas player. When he leaves, we could have two overseas players and currently we don't have any."
Chanderpaul has played county cricket before, winning the title with Durham last season while Katich has had spells with Derbyshire, Durham, Hampshire and Yorkshire.