Charles Barkley will partner with Mickelson in a match against Stephen Curry and Peyton Manning on Nov. 27 at Stone Canyon Golf Club in Arizona.
Called Capital One's The Match: Champions for Change, the format will be modified alternate shot and will begin at 3 p.m. ET the day after Thanksgiving. The event will be televised by Turner Sports on TNT.
Mickelson and Woods staged a high-profile match two years ago in Las Vegas, with Mickelson emerging as a $9 million winner.
They joined forces again in May with Manning and Tom Brady in a match that raised more than $10 million for coronavirus relief efforts.
Proceeds for this November's match will go to historically Black colleges and universities.
"While we may need a handicap for Chuck, I'm looking forward to playing with Peyton and Stephen and to help raise money for another important cause," Mickelson said in a statement. "It's also going to give fans and viewers an up-close look at Stone Canyon Golf Club, a place that I'm extremely proud of and excited to show how special it is."