The pair will clash at the one-day exhibition tournament on October 29 at Lake Jinsha in China, with Woods looking to atone for his Ryder Cup disappointment.
Woods and McIlroy are the world’s two top ranked golfers, although the Northern Irishman has a healthy lead on the American who hasn’t been at his best in recent years.
“It’s going to be a lot of fun going head to head with Rory. We’re going to go out there and hopefully play well, give it a go and entertain the gallery,” Woods said.
“We’ve all seen how talented Rory is. It’ll be fun to battle him for the next decade or so and hopefully we’ll have many battles to come.”
He added: “I enjoy head-to-head events, so it’s great to do this in China.”