The competition will thus be the first competition coordinated by both tours in more than 20 years.
The last mixed competition was held in 1999 and was won by John Daly and Laura Davies.
"This is an important step forward for golf, women's golf and the LPGA," said LPGA Commissioner Mollie Marcoux Samaan in a statement.
In the competition, mixed teams, consisting of 16 players from the PGA tour and 16 from the LPGA tour, will settle for a prize pool corresponding to around SEK 42 million.
"As we look to capitalize on the growing interest in golf, the addition of a mixed event has been a priority," says PGA Tour Commissioner Jay Monahan.
The competition will be played December 8–10.