The match will take place tonight in the Stade Alphonse Theis in Hesperange, Luxembourg.
Yallop's squad for the friendly is largely experimental, with established senior players such as Fulham Striker Thomas Radsinski left out in order to give less experienced players the chance to shine.
Peters has 11 international caps to his name, with the last one coming against Cuba in the 2005 CONCACAF Gold Cup, which Canada won 2-1.
The late inclusion of Peters in Canada's squad takes the amount of Ipswich players away on international duty to three. The other two are Price and Williams, who are in Cyprus with the Wales squad. Wales boss John Toshack has strongly hinted that Lewis Price will make his international bow tonight.