The second-row, who retired following last year's autumn internationals following 116 Tests, has signed on to assist the Wallaby forwards as a consultant coach.
Sharpe insists he has no regrets after drawing the curtain on his glittering career but is relishing the chance to don the tracksuit again in June.
"It was nice to be asked to be involved. I'm looking forward to doing all I can to help get the team ready for what is coming," said Sharpe.
"It's a once every 12 years opportunity isn't it?
"I'd like to have played for Australia against the Lions but it wasn't to be. The fact that you can play for 11 seasons at Test level as I did and not get to play against them shows both how rare the opportunity is, but also how much of a privilege it will be for the guys that get to represent the Wallabies in this series."
While Sharpe did not face the Lions in a Test match in 2001, he did come up against Graham Henry's tourists in a warm-up match with Queensland Reds.
And having gone on to become the Wallabies' second most capped player, head coach Robbie Deans admits it was a straightforward appointment.
"It's appropriate," said Deans.
"Perhaps the only difference from the role he had last year is that he won't be putting his boots on. His experience, leadership and tactical nous will be available to both the playing group and the coaching staff as it was last year.
"That's a great resource for us to have, given the unique nature of the British & Irish Lions.
"It also provides him with an opportunity he deserves to have an active role with the Wallabies in what will be a very special series."
Sharpe will join the Wallaby camp during each Test week for the duration of the Lions series, assisting forwards coach Andrew Blades.
He will also continue with his off-field television role, where he is in his first-year as part of the Fox Sports commentary team.
Another notable addition to the coaching staff is Scott Murphy, who takes over in the Strength & Conditioning field.
Murphy returns home after successfully overseeing the S & C programme at English Premiership leaders Saracens.
The Qantas Wallabies coaching staff for 2013 is:
Head Coach: Robbie Deans
Coaching Coordinator: Tony McGahan
Assistant-Coach: Andrew Blades
Coaches-Assistant: Nick Scrivener
Coaching Consultant: Nathan Sharpe
Strength & Conditioning Coach: Scott Murphy