The winner-take-all match will take place on either November 23 (Friday) or 24 (Saturday) of Thanksgiving weekend, and the purse is $10 million.
"It's a ridiculous amount of money", he said. Any one-on-one match that takes place between the two would not happen before that, ESPN reported.
Details are starting to emerge regarding the high stakes one-on-one matchup between Tiger Woods and Phil Mickelson. Previous reports touted a $10 million winner's payout, although the purse is reportedly still being determined. These figures do not include the considerable amount of money both have earned through endorsements throughout their careers.
The online bookmaker has Woods, a 14-time major champion, at $1.67 ahead of five-time major victor Mickelson ($2.10).
Both players are competing in the WGC-Bridgestone Invitational this weekend at Firestone Country Club in Akron, Ohio. They famously played a practice round together at this year's Masters, and both have addressed the possibility of a made-for-TV exhibition at varying points this season.
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Phil Mickelson and Tiger Woods, shaking hands at the Players Championship in May, will play in a winner-take-all tournament scheduled for Thanksgiving weekend. Mickleson saying, "Now, I don't know if he wants a piece of me, but I just think it would be something that would be really fun".
"We are still working on it", Woods 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.
The 42-year-old Woods and 48-year-old Mickelson are two of golf's most recognizable active stars with 19 major championship wins between them and long have had a friendly rivalry over the years.