The Hyundai Card Super Match will occur just eight days before the Australian Open begins, where Alcaraz aims for a career Grand Slam and Sinner seeks a third title.
The two tennis players have collectively won the last eight Grand Slam singles titles.
Their most recent encounter was at the Six Kings Slam exhibition in Saudi Arabia, where Sinner secured a $6m prize.
Sinner recently reclaimed the World No 1 ranking from Alcaraz, though Alcaraz remains the favourite to finish the year as No 1.