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Campbell, 49, is now based in Spain but hasn't played competitively for three years.
"It's been three years since I retired and I now plan to join the Senior Tour. I can't think of a better way to kick off the season than playing at home, in what is going to be a milestone event."
One of only three New Zealanders - Sir Bob Charles and Lydia Ko being the others - to have won a golf major.
He shot to shot to fame when he beat Tiger Woods to win the 2005 US Open Championship.
The New Zealand Open will be played at both the Millbrook and the Hills courses in February.