According to Golf Odds (h/t B/R Betting), Woods is the -220 (5-11) favorite, while Mickelson is a +180 (9-5) underdog.
The winner-take-all match will take place at Shadow Creek Golf Course in Las Vegas and air on pay-per-view via both B/R Live and DirecTV.
Woods beat Billy Horschel by two strokes to win the Tour Championship, and he fell just short of winning the FedEx Cup as well.
Justin Rose made a birdie on No. 18 to win the FedEx Cup, forcing Woods to settle for second in the season-long event.
Even so, the Tour Championship win was an exclamation point on Woods' remarkable comeback from multiple back surgeries.
He finished the year with eight top-10 results, including a second-place finish in the PGA Championship and a tie for sixth at The Open Championship.
While Woods won the Tour Championship with a score of 11 under, Mickelson finished last at 13 over.
Although Lefty won the WGC-Mexico Championship in March, he has struggled in recent months with no top-10 results since finishing tied for fifth at the Wells Fargo Championship in May.
Along with being favored to beat Mickelson, Woods is tied with Jordan Spieth as the favorite to win the 2019 Masters at +900 (9-1), per OddsShark.
Mickelson, meanwhile, is listed at +2800 (28-1) alongside Paul Casey and Bryson DeChambeau.