Farah, who won the 5,000 and 10,000 metres at the 2012 Games, broke the British indoor record for two miles this year and could this time threaten Steve Ovett's outdoor mark of 8:13.51 set in 1978.
Another British gold medallist, Greg Rutherford, faces Olympic triple jump champion Christian Taylor of the US in the long jump.
Australia's Mitchell Watt and American Will Claye, who were second and third in the long jump, also compete.
All three medallists from the 110 metres hurdles - champion Aries Merritt, runner-up Jason Richardson and Hansle Parchment - will be in action in Birmingham.
Perennial rivals and Olympic gold and silver medallists Shelly-Ann Fraser-Pryce of Jamaica and US sprinter Carmelita Jeter go head-to-head again in what should be another keenly contested women's 100 metres.