US Open champion McIlroy, who squandered a four-shot overnight lead with an eight-over-par 80 in the final round of last year's Masters, has been paired with 2009 winner Cabrera and long-hitting American Watson for the first two rounds.
Four-times champion Tiger Woods has been grouped with Spaniard Miguel Angel Jimenez and South Korea's Bae Sang-Moon.
Woods, who has been installed as a 4-1 favourite for the April 5-8 tournament, is scheduled to tee off at 15:35 UK time in the opening round at Augusta National.
Fellow American Phil Mickelson, a three-times Masters winner, will launch his bid for a fifth major title in the company of compatriot Hunter Mahan and Swede Peter Hanson in the final group of the day.
Left-hander Mickelson and his playing partners start at 1:53 p.m. on Thursday.
British world number one Luke Donald, Italy's Francesco Molinari and American Nick Watney will tee off one group after Woods, Jimenez and Bae.
In other groupings, British world number three Lee Westwood will set off with 2000 champion Vijay Singh of Fiji and American Jim Furyk while holder Charl Schwartzel of South Africa has been paired with PGA Championship winner Keegan Bradley and U.S. amateur champion Kelly Kraft.
First off at 12:50 UK time, following ceremonial tee shots by golfing greats Arnold Palmer, Jack Nicklaus and Gary Player, will be Americans Craig Stadler and Brendan Steele and South African Tim Clark.