Wiggins and Cavendish are among eight medallists from the 2016 Olympic Games to be involved, along with Dutch road race silver medallist Tom Dumoulin.
Owain Doull, who won team pursuit gold with GB in Rio and was third in the 2015 Tour of Britain, will also race.
The eight-day event concludes in London on 11 September.
"The field for this year's Tour of Britain is without parallel, with star quality wherever you look among the teams," said race director Mick Bennett.
Thirty-time Tour de France stage winner Cavendish will make his first appearance since winning omnium silver at the Olympics, in a field that also features omnium gold medallist and Team Sky rider Elia Viviani of Italy, as well as the Manxman's sprint rival Andre Greipel of Germany.
Wiggins is joined by Dylan van Baarle as former Tour of Britain winners in the field.
A total of 21 teams will take part, including 11 UCI World Tour outfits, the highest number to have competed in Britain since the 2014 Tour de France Grand Depart.
Seven British teams will compete, led by Team Sky and also including Team Wiggins and a Great Britain national team.
The rider list also includes six current national road race champions, led by British champion Adam Blythe, who will ride for Great Britain.
There are also six national time trial champions, including former UCI world hour record holders Alex Dowsett and Rohan Dennis and three-time world time trial champion Tony Martin.

A forensic anthropologist has been helping police since the remains were found at Pentrellyncymer near Cerrigydrudion in November.
His body is believed to have been in the forest for several years.
Police said the man is believed to be aged over 54 and between 5ft 8in (172cm) and 5ft 10in (177cm) tall.
Further forensic tests by experts continue to enable police to establish the circumstances of the death, said Det Supt John Hanson, of North Wales Police, the senior investigating officer.
Mr Hanson said: "The meticulous examination and recovery phase of this operation at the scene at Pentrellyncymer is now complete and the forensic anthropologist continues to examine all the remains.
"The, as yet unidentified, man sustained serious head trauma and whilst the circumstances of his death are unknown at this time the injuries indicate the death is suspicious so detectives will continue to work alongside forensic experts to establish the man's identity and circumstances and cause of his death.
"I am conscious at this stage the description of the man is very limited, and initial indications suggest his remains have been in the forest at Pentrellyncymer for several years.
"However I would still ask if anyone in the community can help me identify this man and offer any information which would progress this investigation to please contact North Wales Police."

Police have just released pictures of the stolen items in an attempt to trace them.
The jewellery was stolen from Stanley Hunt Jewellers in Marshalls Yard, Gainsborough, on 18 November, between about 19:30 and 20:00.
The Lincolnshire force is asking anyone who is offered one of the items to get in touch.
One person was arrested and is currently on police bail.
Police also want to hear from people who may have been in the shop at the time.
More on this and other local stories from across Lincolnshire
Sir Bradley Wiggins and Mark Cavendish have been confirmed among 126 riders for the 2016 Tour of Britain, which begins in Glasgow on Sunday.
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Tests on the remains of a man found in a Conwy county forestry have shown he suffered serious head trauma and died in suspicious circumstances.
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Jewellery worth £35,000 was stolen from a shop during a Christmas lights switch-on event in Lincolnshire.