The sides will meet at 20:00 on Friday, following the opening tie between the Isle of Man and Isle of Wight at 17:00.
All the games are at Springfield.
Guernsey’s women beat Jersey 2-0 in May to win the Muratti for the first time in 16-years.
The Isle of Man and Isle of Wight will be familiar with each other after playing the same group in the Island Games last year.
The Isle of Man won their clash 5-0 and went on to secure the bronze medal.
On Saturday, the losing sides will face each other in the third/fourth place play off at 10:00 before the final takes place at 15:00.
All games are free to attend.
The Cherry Godfrey Cup will be a biennial event, with the host island rotating between the four participating jurisdictions.