The Bundesliga champions will be looking to bounce back from their 2-1 defeat to Arsenal, while Madrid will be opening their ICC campaign in the United States.
Date: Saturday, July 20
Time: 7 p.m. local, 8 p.m. ET, 1 a.m. BST (Sunday)
TV: ESPN2 (U.S.), Premier Sports 1 (UK)
Odds: Bayern 2-1, Real 5-4, draw 13-5 (via Oddschecker)
After a miserable campaign last season, Real Madrid have started to reboot their squad in order to become challengers once again.
They brought back Zinedine Zidane as manager in March, after Julen Lopetegui and Santiago Solari had both been sacked following unsuccessful spells in charge.
Hazard's arrival was a statement of intent by the player and the club. The Belgium international had made no secret of his admiration for Zidane and Real, and the Spanish giants failed to replace Cristiano Ronaldo when he departed for Juventus 12 months ago.
Madrid and Hazard could be the perfect match to help Zidane's team play in the entertaining style that was present during the Ronaldo era.
Club president Florentino Perez will endeavour to revamp the team's midfield options before the start of the season, but top target Paul Pogba appears to be unavailable.
Jose Felix Diaz of Marca reported the France international is the La Liga side's primary aim, but Manchester United are unlikely to agree a transfer, even if Pogba tries to force a move to Spain.
Bayern lost their opening game of their pre-season tour to Arsenal on Thursday. A Louis Poznanski own goal gave the Gunners the lead after 49 minutes, but Robert Lewandowski equalised with 19 minutes remaining. However, Eddie Nketiah grabbed a late winner for the Premier League side with two minutes left on the clock.
The Bundesliga champions will again centre their ambitions around the firepower of Lewandowski, but they have added defensive signings Lucas Hernandez and Benjamin Pavard.
However, the Poland international has called on his club to increase spending and add new faces to the squad. High-profile forwards Franck Ribery and Arjen Robben recently left the German team, and Mats Hummels, Rafinha and James Rodriguez have also departed.
Both teams are in the middle of rebuilding, and a number of players should get opportunities during the ICC tournament.
Madrid and Bayern both demand to be at the pinnacle of European football, but they will have to bed in new talent to compete with the best at home and abroad.