The exhibition in March will feature a 10-point tiebreak knockout format. Fritz, the world number six and highest-ranked American, will headline the event. He will be joined by compatriot Tommy Paul, who is currently ranked 20th.
Also competing are Norway’s Casper Ruud, Australia’s Nick Kyrgios, Brazil’s Joao Fonseca, France’s Gael Monfils, Italy’s Lorenzo Musetti and Kazakhstan’s Alexander Bublik.
In its third year, the MGM Slam has featured several high-profile match-ups, including last year's showcase between Aryna Sabalenka and Naomi Osaka, and one of Rafael Nadal's final appearances before his retirement.
The event comes at a time when tennis is facing criticism over its relentless tour schedule.
In March, the Professional Tennis Players’ Association (PTPA) filed a lawsuit against the sport's governing bodies, including the ATP and WTA, labelling the crowded calendar unsustainable.
Nevertheless, exhibition matches continue to be scheduled.
World number one Jannik Sinner and second-ranked Carlos Alcaraz, who have won nine of the last 10 Grand Slam titles between them, will meet in South Korea in January.
The exhibition, which takes place eight days before the Australian Open, has featured tennis greats such as Roger Federer, Nadal, Novak Djokovic and Maria Sharapova.