The cast was revealed Friday on the "Today" show.
Other former competitors slated to return to "Celebrity Apprentice" are Lil' Jon, Lisa Rinna, Dennis Rodman, Claudia Jordan, Trace Adkins, Brande Roderick, Penn Jillette, Dee Snider, Marilu Henner, Stephen Baldwin and Gary Busey.
Michaels is the only cast member who has previously won the business-themed competition show, for which real-estate mogul Donald Trump serves as host, judge and executive producer.
"There's a different energy with this group. Everybody has been through it before so everyone knows what to expect," Henner said on "Today." "We know each other's strengths and weaknesses because we've seen the show. I think everyone is here to have a great time and to support their charities."
"If at first you don't' succeed, try, try again," Rinna said. "I don't really know what I'm capable of."
Busey joked that he decided to participate in the all-stars edition of the show "because I'm a champion."
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