Woods announced in April that he would appear at the inaugural Zozo Championship, held at Accordia Golf Narashino Country Club near Tokyo.
Ahead of he tournament, the first official PGA Tour event to be held in Japan, the four golfers will take each other on.
Each hole is assigned a monetary value and players need to win a hole outright to take a "skin" or the money rolls over to the next hole. Woods faced long time rival Phil Mickelson in 'The Match' last year in Las Vegas, where he lost in a game worth more than £7million including side bets.
"I haven't played a skins format in quite some time, so it will be fun to try something a little different and add a few strategic elements as we compete," said The Masters champion.
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"There has already been some friendly banter between us and that will continue until we get to the first tee."
McIlroy added: "I'm a huge fan of the skins format. I love the way it rewards attacking play and think it suits my game quite well.
"Any time I can go directly at pins to try and make birdies and eagles, I think it puts me at an advantage. The other fun thing about skins is how you find yourself rooting for the other guys if you're not in a position to win the hole.
"You're hoping they can tie with someone else so you can play for that skin on the next hole. With the skins format, you're always in it until the end."