Beijing, Aug 15, 2012 (AFP) - The duo, two of the world's most famous golfers, will be the only competitors in the 18-hole event, which will be held at Jinsha Lake Golf Club, in Zhengzhou, capital of the central province of Henan, on October 29.
"It's an exciting concept and it will be a lot of fun going head to head with Tiger," McIlroy, 23, said.
"The Duel at Jinsha Lake will be the first time myself and Tiger have come together to play a 'one-off' match like this, so I'm really looking forward to it.
"I've always looked up to him as a player. What he's achieved in the game is remarkable."
The showdown -- for which no prize money is up for grabs -- will be a month after the pair are set to feature in the Ryder Cup.
McIlroy returned to the top of the world rankings after winning last week's PGA Championship by eight strokes for his second Major title, having won last year's US Open by the same margin.
Woods, the world number three, has won three times this year and earned his 100th career worldwide victory, signalling he is getting closer to his brilliant best.
"With the huge growth of the game of golf across Asia and the inclusion of the sport in the next Olympic Games in 2016, I think it's fitting for this great event to take place in China," added McIlroy.