The event will take place at Shadow Creek Golf Course in Las Vegas, sources previously told ESPN's Mike Greenberg.
The event will be either Friday (Nov. 23) or Saturday (Nov. 24) of Thanksgiving weekend. The purse is still being determined, but it has been reported previously as a $10 million payout.
Woods, 42, and Mickelson, 48, are competing in this week's WGC-Bridgestone Invitational that began Thursday at Firestone in Akron, Ohio. They have been rivals dating to their days in Southern California junior golf, but their relationship has evolved over the decades. At times, it has been strained, though it has softened in recent years as both players became heavily involved in the U.S. Ryder Cup and Presidents Cup efforts. They have also played many practice rounds together this year, including one on Wednesday at Firestone.
Asked about the November match after his round Thursday, Woods said: "I have nothing further to add to it. We haven't signed anything, nothing's confirmed.''
Golf.com reported last month that the two sides were in negotiations for a "winner take all'' match. In the piece, Mickelson said, "It's a ridiculous amount of money. No matter how much money you have, this amount will take both of us out of our comfort zone.''
Both are part of the U.S. Ryder Cup committee along with 2018 captain Jim Furyk; Woods is a vice captain for Furyk and in contention for one of the four at-large picks. Mickelson is 10th in the team standings, with the top eight qualifying after next week's PGA Championship. This would be Mickelson's 12th consecutive U.S. Ryder Cup team.
The Ryder Cup is Sept. 28-30, and any match that takes place between Woods and Mickelson would not occur before then.
ESPN's Bob Harig contributed to this report.