Anderson will receive a presentation from Lancashire chairman David Hodgkiss in front of the pavilion before start of play on day one of the final Test against South Africa.
The 35-year-old seamer described himself as "blown away" by the gesture from his lifelong club, which will mean he and Brian Statham - Lancashire's other great fast bowler, already similarly remembered - share an end each at their home ground.
But as he prepared to help Joe Root's hosts close out a 3-1 series victory this week, he made clear he still has plenty of ambitions for England - including in next winter's Ashes.
Anderson, who is 11/4 to be England's top first innings wicket-taker, said: "It is something that usually happens when people have stopped playing or are further down the line.
"So to have this happen when I'm still playing and potentially bowling from that end in the game is a bit surreal.
"It is just an amazing honour, especially because of the link I have with this club and the love I have for the club," he said.
"I've been here for 15 years - and longer than that if you count the years I've been supporting the club.
"I'm blown away, really, by the gesture from the club...I can't quite believe it has happened."
As for his England future, Anderson spelled out that Ashes victory next winter is already on his mind.
He added: "In years to come, I'm sure I'll look back (at this) with great fondness - but right now I still have things to achieve...personally and with this team. I'd like to win the Ashes again.
"I think this team can achieve great things in the next couple of years, and I'd like to be around to be a part of it and help the team improve.
"For me, that's what keeps me going and keeps me hungry to keep playing the game."
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