The ninth and final season of Last Man Standing is set to premiere on FOX on Jan. 3.
A 30-second preview released Friday shows Taylor -- dressed in his signature Binford T-shirt and tool belt -- shaking hands with Baxter in the kitchen of Baxter's home.
"Tim Taylor. They call me 'the Tool Man,'" Taylor introduces himself, with his trademark primate-like laugh.
"That's a little annoying," Baxter tells him.
In another scene, Baxter is seen sporting a substantial beard.
"I could play Santa Claus," he says as he strokes his facial hair.
Allen also played the Christmas icon in three holiday-themed movies in The Santa Clause franchise.
Allen recently announced he and his Home Improvement co-star Richard Karn are reuniting for a new History competition show called Assembly Required.
Home Improvement initially aired on ABC 1991-99.