Sorenstam won the Evian event in 2000 - when it debuted on the LPGA Tour - and again in 2002.
Ochoa has never won at Evian, finishing third three times and runner-up to Paula Creamer in 2005.
Natalie Gulbis is defending the title she won in a playoff against Jeong Jang last year. Creamer arrives fresh off a win two weeks ago at the Jamie Farr Owens Corning Classic in Sylvania, Ohio.
Inbee Park, who won the U.S. Women's Open, will chase the $487,500 winner's prize, along with past champions Karrie Webb, Wendy Doolan and Rachel Hetherington.
Sorenstam will play with fellow Swedes and Evian winners Helen Alfredsson (1994, 1998) and Catrin Nilsmark (1999) on Thursday.
"That doesn't happen too often, so I'm looking forward to that," Sorenstam said. "There are some emotions. But I didn't want to make this a farewell tour because I'm still focusing on my game, and I didn't want it to be some kind of tribute or something like that.
"I'm here to play, I'm here to compete and I'm here to finish on a strong note."
Next week, Sorenstam will play in the British Women's Open in her last major and final tournament in Europe. First, she'll get a sendoff at the Evian Masters that she'll fondly remember.
"We love Annika," Bungert said. "We will definitely show her how emotional we are about her."
