The wobbly dates of November 23 or November 24 have now been set for a clash of the two titans - box office-wise, at least - fittingly on the greens of Shadow Creek Golf Course in Las Vegas, The Washington Post reported.
While the purse has not yet been finalized, previous reports set the winner-take-all prize at $10 million.
Rumors of a winner-takes-all match between Tiger Woods and Phil Mickelson almost came true last month, reportedly, but plans fell through.
In the meantime, both players will continue to play through the season, with Woods and Mickelson both competing at the WGC-Bridgestone Invitational, and in contention as potential Ryder Cup picks for later in the year. Neither player needs the money, but both are fierce competitors and with Woods back in form he deserves the favourite tag, " said sportsbet.com.au's Will Byrne. "No matter how much money you have, this amount will take both of us out of our comfort zone", Mickelson told the website at the time.
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The online bookmaker has Woods, a 14-time major champion, at $1.67 ahead of five-time major victor Mickelson ($2.10).
Their relationship, frosty in their primes, has thawed in recent years as age and life experiences have brought them closer.
"The excitement that's been going on around here, it gets me thinking: 'Why don't we just bypass all the ancillary stuff of a tournament and just go head-to-head and just have kind of a high-stakes, winner-take-all match?" he said. "We'll play for whatever makes him uncomfortable".
It's expected both Woods and Mickelson will play a major part in the U.S Ryder Cup team in September.