Owens and Flair will meet as part of a new installment of The Kevin Owens Show.
Starrcade will be aired live on the WWE Network from the Infinite Energy Center in Duluth, Ga., starting at 7 p.m. EDT.
The event will also feature Women's Tag Team Champions The Kabuki Warriors defending their titles in a Fatal 4-Way Match against Raw Women's Champion Becky Lynch and Charlotte Flair; Smackdown Women's Champion Bayley and Sasha Banks; and Alexa Bliss and Nikki Cross.
Rusev will finally get to face off against Bobby Lashley at Starrcade in a Last Man Standing Match. Rusev and Lashley have become intense rivals after Lashley started having an affair with Rusev's wife Lana.
WWE will announce more matches for Starrcade at a later date.
The company first brought back Starrcade in 2017. The show was the brain-child of the late, great Dusty Rhodes and was the premiere event of the National Wrestling Alliance and then later World Championship Wrestling or WCW.
Flair was a part of the first Starrcade that took place in Greensboro in 1983 when he defeated the late Harley Race to win his second World Championship.