The Thorpe Satchville rider will compete for Britain in the time trial and road race at the championships which run from Thursday, August 31 to Sunday, September 3 in South Africa.
He made a spectacular debut at the championships, in Denmark, six years ago when he won bronze in the road race.
But he has been overlooked by the selectors for subsequent championships, held every two years, despite riding regularly for GB at World Cup events.
The 47-year-old helped his cause this time round by recording his best-ever World Cup results in the Netherlands last month, adding gold in the road race to a time trial bronze medal.
Price, who rides without the use of his left leg and competes in the C2 classification, will travel to Pietermaritzburg as part of a 10-strong team.