The race will take place this weekend in Rio de Janeiro.
Bolt will compete at a track specially built at the iconic beach on Sunday, challenging Antigua and Barbuda's Daniel Bailey, Ecuador's Alex Quinones, and a Brazilian athlete from a local qualifier.
Bolt set the 150 record of 14.35 seconds in the streets of Manchester in 2009.
The event is part of Bolt's four-day promotional tour to Rio and is supervised by the IAAF.
The six-times Olympic champion was named World Athlete of the Year in 2012 for a record fourth time by the IAAF.
Bolt won back-to-back sprint trebles at the 2012 Games in the 100 metres, 200m and 4x100m to get the award in an IAAF poll, his previous titles coming in 2008, 2009 and 2011.
The Jamaican world record holder came up first against Olympic champions and world record holders David Rudisha of Kenya (800m) and American Aries Merritt (110m hurdles). Felix (26) took 200m, 4x100m and 4x400m gold in London, to go with a 4x400m gold from 2008 to get the women's award ahead of Olympic champions Jessica Ennis of Britain (heptathlon) and Valerie Adams of New Zealand (shot put).
The award ceremony in Barcelona was part of the IAAF centenary celebrations. – Sapa