Cpl Stuart Robinson was injured when his vehicle hit an explosive device near Camp Bastion in February 2013.
He will be joined on the 38 mile (60km) course by former colleague Kurt McGuinness, the brother of 23-time TT winner John McGuinness.
The 33-year-old said the challenge had been a "lifesaver" for him.
He said that after the "life changing situation... I just had to get on with it. I lost my legs but got away with my life".
"Kurt is really into the Isle of Man TT and suggested the challenge."
The pair will be joined on the charity challenge by Blackburn's Anton Shepherd, who was paralysed from the chest down following a motocross accident, and soldier Darren Norman.
Mr McGuinness said their training for the attempt, which will take place on 26 March, had been "brutal".

Emergency services told the AFP news agency that the blast was caused by an improvised explosive device.
It occurred at the Malkohi camp for internally displaced persons (IDPs) on the outskirts of Yola in Adamawa state.
Yola has been seen as a relative safe place for those fleeing the violence.
The BBC's Chris Ewokor in Abuja says this is the first attack on a camp for IDPs in the north-east.
The explosion happened in a warehouse, emergency services say.
There are reportedly more than 1,000 children in the camp.
Two million people have been forced from their homes since the militants launched their insurgency in north-eastern Nigeria in 2009.
According to Amnesty International, at least 17,000 people have been killed in the conflict.
Although the militants have been forced out most of the territory they had seized, they are still active and there has been an upsurge in suicide attacks since President Muhammadu Buhari took office in May.
Teaching Boko Haram militants to play football
Who are Boko Haram?

Steyn left the pitch mid-over twice on day three and was taken for scans but they showed no sign of a muscle tear.
The world's top-ranked bowler had a morning fitness test at Kingsmead but again felt discomfort.
The 32-year-old will have more tests to see if he will be fit for the second Test, which starts on 2 January.
The doubts over Steyn's fitness added to the problems for South Africa, who trailed England by 261 runs before the fourth day of the series opener and were facing a struggle to save the game.
The right-arm bowler had only just returned to the Proteas side after missing the majority of their tour of India with a groin injury.
South Africa have also been disrupted by speculation about the future of star batsman AB de Villiers.
The 31-year-old, who is also keeping wicket during this Test, said on Monday that he was looking to ease his workload amid rumours he is considering retiring.
"There are a lot of rumours flying around I hear, but for the last two to three years the only talk I've been doing is to keep myself fresh and to have a bit of rest here and there," said De Villiers, who is ranked the number three Test batsman in the world.
"It's always been the most important thing for me to enjoy my cricket. It's just important to look at the schedule and for me maybe not to play all kinds of cricket.
"That's the only thing that I've been talking about. To keep myself fresh and to keep enjoying the game. I love representing my country and nothing has changed."
A former soldier who lost both legs in Afghanistan is to attempt the Isle of Man TT course using a hand-powered bike.
[NEXT_CONCEPT]
At least three people have died when a bomb exploded at a camp in north-eastern Nigeria for people who have fled their homes because of the Boko Haram Islamist insurgency.
[NEXT_CONCEPT]
South Africa pace bowler Dale Steyn will not bowl again in the first Test against England because of a right shoulder spasm.