Pedrosa retired from the championship at the end of 2018 with 31 top class wins but still carries out testing duties for the Austrian manufacturer.
A three times world champion in junior categories, Pedrosa was three times runner-up in the main MotoGP championship with the Repsol Honda team.
His last wildcard outing was in Austria in 2021.
"I’m excited that he’s ready to do a wildcard. Reading between the lines, he would not do a wildcard if he thought the bike wasn’t competitive so I hope he gives us the right signal for that," said KTM motorsports director Pit Beirer.