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.
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"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.