The program is to air Friday, the day after Thanksgiving.
"President and Mrs. Obama sit down with Barbara Walters at the White House for their first joint television interview this year," the network said in a news release. "In what has become an end-of-the-year tradition, Ms. Walters interviews the president first and then Mrs. Obama will join the conversation."
The special will also include memorable moments from Walters' past interviews with every president and first lady since Richard Nixon.
This marks the fifth time the Obamas will have sat for a joint interview with Walters.