Vettori, considered New Zealand's greatest spinner, retired from international cricket at the end of the ICC Cricket World Cup 2015 in March this year.
He now joins a celebrated list of legends like Adam Gilchrist, Brian Lara, Jacques Kallis and Wasim Akram who have signed up to play in the inaugural MCL.
The 36-year-old Vettori featured in 113 Tests and 295 ODIs, alongside 34 T20 Internationals in his career. He picked 362 Test, 305 ODI and 38 T20 international wickets during his 18-year long career.
He has also played 136 Twenty20 matches in his overall career, picking 127 wickets at an economy rate of 6.36 and an average of 25.64.
Vettori currently coaches Royal Challengers Bangalore in the Indian Premier League (IPL), while he is still an active player for Jamaica Tallawahs in the Caribbean Premier League (CPL).
Vettori himself was thrilled with the signing: "I am looking forward to going into battle once again with all peers and colleagues of my era. It will indeed be a thrilling moment to relive those exciting moments from our battles in the past. I cannot wait for the tournament to start so that we can rekindle those fond memories."