The broadcaster has picked up the exclusive UK rights to all of Australia's home Test matches, ODIs, Twenty20s and the Big Bash league, as well as the next Ashes series with England in 2017-18.
Radio 1 DJ Greg James will be the main anchor of BT's coverage, with Vaughan, Swann and Ponting on hand in the studio and Pietersen based on site Down Under.
"We're excited to be adding international cricket including next winter's much anticipated exciting Ashes series, and the hugely successful Australian Big Bash, to the lineup of exclusively live sport available to BT Sport viewers," said Simon Green, head of BT Sport. "I hope viewers will enjoy our cricket coverage and we're thrilled that Greg James is joining BT Sport along with some of the greatest players of recent times."
BT's coverage begins on November 3 with the first Test between Australia and South Africa.