The event, which takes place from June 2-5, was founded by Nicklaus and is played on the Muirfield Village course he designed. He will become the only golfer to have participated in all 30 playings of the tournament, which he has twice won.
It will be Nicklaus' first start since The Masters and his only PGA Tour appearance before his final British Open in July at St. Andrews.
'I have always said that if I am healthy, competitive enough and can contribute to the tournament by being a part of the field, then the Memorial Tournament is the one event I would like to play,' Nicklaus said in a statement on his website. 'I have worked at my game the last couple of weeks, trying to get it in shape to play. We'll see what kind of game I bring to Muirfield Village, but I am looking forward to playing.'
Nicklaus shot rounds of 77 and 76 at The Masters in April and earlier this month mentioned that the British Open would mark the end of his competitive playing career.
The 65-year-old legend holds the record with 18 professional major victories.