Sources told ESPN that the match will take place on Nov. 23 or Nov. 24 at Shadow Creek Golf Course in Las Vegas. Mickelson told Golf.com in July that he was negotiating with Woods for the winner-take-all bout.
The match nearly took place on July 3 in Las Vegas, according to the Golf.com report. The $10 million purse has not been officially confirmed.
Mickelson and Woods are playing this week in the WGC-Bridgestone Invitational at Firestone Championship South Course in Akron, Ohio. Woods tees off at 10:20 a.m. Thursday on tee No. 10, while Mickelson tees off at 2 p.m. on tee No. 1.
Woods, 42, is ranked No. 50 in the world, while Mickelson, 48, sits at No. 21.
"It's a ridiculous amount of money," Mickelson told Golf.com. "No matter how much money you have, this amount will take both of us out of our comfort zone.''
Woods and Mickelson played a practice round together on Wednesday ahead of the WGC-Bridgestone Invitational. The golfers are expected to be part of the U.S. Ryder Cup team as players or vice captains.