Afridi said he was overwhelmed to have been appointed captain of the World XI.
Meanwhile, Tymal Mills, the England global, and Sam Curran, the Surrey allrounder, also have been added to the squad, making it a 14-member roster.
Morgan will miss the Twenty20 fixture at Lord s after chipping the end of his right ring finger.
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It has also been confirmed that Sam Billings, who tasted Indian Premier League (IPL) glory with the Chennai Super Kings, will replace Morgan in the squad. "I'm looking forward to the match with great interest and hope to put up a good performance in a match I'm sure will provide the crowds with lots of entertainment", said the 26-year-old batsman. "It is not a huge concern, it is one we can hopefully manage past in about a week", Andy Flower, ECB's stand-in director, was quoted as saying by the ICC. In 2017, several stadiums were damaged due to the hurricanes in the region.
Morgan was set to captain the World XI in a charity match against the West Indies at Lord's on Thursday which is being held to raise funds for stadiums in Dominica and Anguilla damaged by hurricanes that swept through the Caribbean a year ago.
Other names in the World XI squad include Rashid Khan, Adil Rashid and India wicket-keeper Dinesh Karthik.
Former Pakistan captain Shahid Afridi will skipper the World XI in the absence of Morgan, who will be replaced in the line-up by England team-mate Sam Billings, with Surrey's Sam Curran and Sussex's Tymal Mills also added to the group.