Foster took over from Hansen after New Zealand’s 2019 Rugby World Cup campaign ended in semi-final defeat by England.
He won four straight Rugby Championship titles and led the side to the 2023 Rugby World Cup final where they were defeated by South Africa, before being replaced by Scott Robertson.
The 59-year-old now coaches Japanese side Toyota Verblitz.
Richie Mo’unga, Shannon Frizell and Ngani Laumape are among the former New Zealand internationals also in Japan, outside of eligibility for the All Blacks, who might potentially turn out for the invitational side.
“Maybe put a few younger, up-and-coming Australian players with some older heads, maybe some ex-All Blacks and then maybe try to find a few older Wallaby heads,” said Foster, who said he hoped the side would be split 60:40 between Australians and New Zealanders.
“That combination between the young and old, I think, is more important.”
It has also been confirmed that the Lions will take on a First Nations and Pasifika XV on 22 July in Melbourne.
The fixture replaces a match against the Melbourne Rebels, who went into administration after the initial itinerary was announced in July 2023.