Matthew Elliott, who won the last of his 20 caps in March 1999, has been named in a 13-man squad and is likely to replace Ponting at number three.
Elliott, who has been playing with Glamorgan in the English county championship, said: "Even if it is for one match, it's something that I'm thrilled about, and I'm looking forward to whatever opportunity presents itself over the coming days."
The 32-year-old left-hander scored 1,381 first-class runs at an average of 81.23 for Victoria in 2003-04. He averages 35.48 in Tests.
Wicketkeeper Adam Gilchrist will lead the side for the third time. The first Test of the two-match series starts in the Northern Territory capital of Darwin on Thursday.
Ponting is expected to be available for the second Test in Cairns. The first Test would have been the 29-year-old's first as Australia captain on home soil. He replaced Steve Waugh as skipper for the tour to Sri Lanka in March.
