Motorsport.com revealed in June that Yamaha MotoGP rider Lorenzo was trying to arrange a chance to try out a Mercedes via Monster Energy, a common sponsor of the two teams.
A member of the Spaniard's entourage said the biggest obstacle would be finding a suitable date, but the test has now been fixed for this week.
The reigning MotoGP champion will be at the wheel of a Mercedes W05, which Hamilton won the F1 title with back in 2014.
In preparation for the test, Lorenzo, who has a small amount of car racing experience, has already tried out several less powerful cars at Silverstone in order to familiarise himself with a track that presents a very different challenge on four wheels compared to two.
After his test, Lorenzo will fly to Japan ahead of the start of MotoGP's Asian-Pacific tour at Motegi.