The campaign, launched by the non-profit charity groups DonateGames and Cancer for College, is called SuperMega Blast Gamer Challenge.
Those who donate $10 or more to the campaign will be entitled to one lottery entry for a chance to play against the "Anchorman" star as well as a $5 Amazon credit for digital games.
At the $25 level, the donor will receive a one-month Twitch Turbo pass, two lottery entries and the Amazon credit. Those who donate $1,500 or more will get a 30-second personal video message from the actor himself, Polygon has learned.
Aside from these, the perks included in the other donation packages are the "Will Ferrell's Gamer Suncreen," a SuperMega Blast shirt and autographed Xbox 360 controllers and cowbells.
The winner of the lottery will play a video game against Ferrell which will be broadcasted via Twitch during a two-hour event on Oct. 26.
The lucky donor will receive hotel accommodations as well as air transport for the event which will be held in San Francisco, according to IGN.
For Craig Pollard, founder of Cancer for College, Ferrell is the right celebrity choice for the campaign because of his genuineness.
"The power of his celebrity brings so much attention to pretty much anything he does," he said. "People love to be around him because he's just a nice guy. It's not just putting his name into it."
For the actor, he agreed to become the face of the campaign after learning how supportive the gaming community is toward raising awareness for serious issues.
"I'll admit - I'm recently educated about the close ties between video games and charity or cancer," Ferrell said. "I'm awestruck by it all, and you inspired me. So that's one of the reasons why I'm hosting this challenge."
"I want more people to know how video games can help and how benevolent the gaming community is," he added.
The proceeds from the campaign will be used for scholarship programs for cancer survivors. Those who wish to donate may do so by visiting Indiegogo's website.
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