The highly sought-after pair will face off at Hainan island's giant, 180-hole Mission Hills complex, one of the world's biggest golf resorts, on October 28, organisers announced today.
While no figures were revealed, last year's similar "Duel at Jinsha Lake" -- an event to promote luxury real estate -- involving Woods and McIlroy was for a reported pot of $2 million.
By way of comparison, the winner's cheque at this year's US Masters, arguably the sport's most prestigious tournament, was $1.44 million.
In outlandish scenes, spectators mobbed the fairways and stole balls from the driving range, while luxury yachts and helicopters were parked nearby and models in evening wear stood at the tees.
"I'm hoping to win this time," said the 14-time major-winner and world number one.
"We both played well last year, but Rory got me by one. I've had a really good year on the PGA Tour, so it would be nice to earn another trophy in China."
Although McIlroy can expect an even higher profile and a fat cheque from his appearance, the match-up is unlikely to help him turn around a poor season after his huge-money switch to Nike.
McIlroy won his second major and topped the money list on both sides of the Atlantic last year, but he has slumped since signing a deal worth a reported $250 million over 10 years.
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