"I can kick out about two-and-a-half brake horsepower so that's not going to quite match his car but I think they'll make the race as close as possible and I'll be giving it absolutely everything. I'm really looking forward to it," he said.
Hamilton, who became the youngest driver to win the Formula One world title this year, will also perform a demonstration run in his McLaren F1 car.
The duo will then head for Liverpool to take part in the BBC's Sports Personality of the Year awards ceremony later in the evening.
The Race of Champions event sees competitors from various strands of motorsport race against each other in a range of cars around a parallel two-lane track.
Germany's seven-time Formula One champion Michael Schumacher, France's five-time World Rally champion Sébastien Loeb, Britain's triple World Touring Car champion Andy Priaulx and Australia's triple Superbike world champion Troy Bayliss head the list of competitors.
British Formula One drivers David Coulthard, who retired this season, and Jenson Button are also racing.
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