Cayard, 46, the first US skipper to win the race in 1997-98, will lead the “Pirates of the Caribbean” team in the four-yearly round-the-world race.
“It was the most exciting race of my life,” said America’s Cup star Cayard.
“And one that has left an indelible mark on my career and provided me with the most on a human level. That’s why I decided to do it again.”
The entry, with a boat named Black Pearl to be launched in August, is promoting the July 2006 film release of Pirates of the Caribbean: Dead Man’s Chest.
“Disney’s involvement in the project has been another determining factor,” Cayard added.
“It’s an enormous opportunity to introduce the general public to sailing and to the Volvo Ocean Race. I simply couldn’t say ‘no’ to a proposal of this scope.”
Cayard won the Whitbread Round the World Race, as it was known then, on EF Language in 1998.
He is a seven-time sailing world champion, a five-time America’s Cup veteran and a two-time Olympian.
His accolades include election to the Sailing World Hall of Fame in 2002 and Rolex Yachtsmen of the Year in 1998.
The race will begin on 5 November with an in-port race in Sanxenxo, Galicia, Spain.
Leg one from Vigo, Spain, to Cape Town, South Africa, starts on 12 November.
The eight subsequent legs take in Melbourne, Wellington, Rio de Janeiro, Baltimore, New York, Portsmouth, Rotterdam and Gothenburg.