Juve are the Super Cup holders after defeating AC Milan 1-0 last season. The one-off match has been held outside of Italy for seven of the past 10 years.
It's the second consecutive season the Supercoppa has been held in Saudi Arabia after last year's game in Jeddah.
Extra-time and penalties will be played if the score is level at full-time.
Date: Sunday, Dec. 22
Time: 7:45 p.m. local, 4:45 p.m. GMT, 11:45 a.m. ET
Venue: King Saud University Stadium, Riyadh, Saudi Arabia
TV: BT Sport 2 (UK), ESPN Deportes, Rai Italia Nord America (USA)
Odds: Juve 11-10, Lazio 14-5, draw 12-5 (via Oddschecker)
The Old Lady's dominance of Italian competition extends to the Super Cup, with Juve winning four of the past seven Supercoppa finals.
Lazio hold a Supercoppa win over the Turin giants in recent years thanks to a 3-2 victory in 2017 at the Stadio Olimpico.
The Eagles are the only side to defeat Juve this season after a 3-1 league win in Rome on Dec. 7. It's the Italian champions' only loss in all competitions since the beginning of the campaign.
Lazio are a dangerous side at present. A record of six wins in their last seven underline a steely focus in defence and attack.
Simone Inzaghi's men have conceded fewer Serie A goals than the leaders this term, and Ciro Immobile's form in attack continues to impress.
The 29-year-old began his career at Juve, but after a journeyman career, the player is now Serie A's top scorer.
Immobile has 17 goals and five assists in Serie A this term, and he should be Lazio's primary threat on Sunday.
Cristiano Ronaldo scored the winner in last season's Supercoppa, and the iconic Portuguese will want to repeat last season's endeavour in Saudi Arabia.
According to Jonathan Spencer for MailOnline, Juve will take to the field in a one-off Arabic edition of their famous Bianconeri shirt with the players' names written in the local language on their backs.
Juve's chief revenue officer Giorgio Ricci said: "Through this choice, we want to pay tribute to a traditional art form."
The design is a collaboration with artist and Arabic calligrapher, Shaker Kashgari, and it offers Juve supporters in the Middle East a chance to see their heroes in a unique shirt.