The event will be either Friday, Nov. 23 or Saturday, Nov. 24 of Thanksgiving weekend. It's unclear what the purse money would be, but it's been rumored $10 million could be up for grabs.
Mickelson said at the Players Championship in May that a $10 million prize would be enough to put both players "out of our comfort zone".
"As we firm up more and more details we'll let everybody know, but right now we know it's going to be Thanksgiving weekend for sure", he said on Thursday at the WGC-Bridgestone Invitational event at Firestone Country Club in Akron, Ohio.More news: UFC 227: Dillashaw retains Bantamweight belt; Cejudo earns revenge vs. Johnson
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"It's a ridiculous amount of money", Phil told Golf.com about the money they were discussing last month. The two played a practice round together Wednesday at Firestone, per ESPN.
With Mickelson's first win in five years earlier this season, and Woods' resurgence from multiple back surgeries, the hype went into overdrive. "We both like to talk smack, and we both have fun with what we're doing".
When told of Mickelson's comments, Woods smiled and told reporters: "I'm definitely not against that. And the fact that this isn't an official tournament, that it's just a head-to-head match, you'll hear some of the little nuances, some of the little things that you don't normally pick up".
Mickelson is attempting to play his way onto the US Ryder Cup team which will be named after next week's PGA Championship in what will be his 12th appearance.