Bob Newhart, Edward Asner, Mary Steenburgen, Amy Sedaris, Andy Richter, Kyle Glass, John Lithgow, Danny Woodburn, Jon Favreau of Pod Save America fame, Ed Helms, Busy Phillips and Matt Walsh will also be featured during the event, which will be hosted by Ashley Nicole Black.
Making a donation to the Georgia Democratic Party will result in being able to view the live table read of the holiday film.
The donations will support Democrats Jon Ossoff and Raphael Warnock in the Senate runoff elections that will take place on Jan. 5.
"If I were any more excited to be in the #ElfForGeorgia reunion I might explode into a burst of snowflakes. Join me, Will Ferrell and many other amazing people from the original cast along with some special guests for our live reading! All donations go to support GA demis," Deschanel said about the event on Twitter.
"When they asked me to be a part of #ElfForGeorgia I couldn't believe it! It's one of the best holiday movies ever and proceeds go to benefit Dems in my home state," Helms, who is joining the table read as a special guest said on Twitter.
Elf, released in 2003, follows Ferrell as an adult man who was raised as an elf at the North Pole. He travels to New York City to find his real father.