Townshend and his bandmate Roger Daltrey are slated to begin the trek in the UK at Christmas, before playing shows in other parts of the world, reported Billboard magazine.
"I'm not crazy about going on the road, but I'm in good shape and once I start doing it - and I'm still very good at it - I'll take some pleasure from it," he said.
Details have yet to be formalised, but Townshend hinted that the group's anniversary celebration could include the release of a new album.
"I'll be pulling some songs out of his long-term project Floss to give to Roger to see if we've got enough to make an album. It might be a big waste of time, but I'm hoping there will be an album."
The Who last toured in 2013, but haven't released a new album since 2006's Endless Wire.
Daltrey hinted earlier this year that he was keen to record a new Who LP.
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