In a lengthy report on GOLF.com, writer Alan Shipnuck says the made for television match was due to be staged early this week but TV and corporate support couldn’t be finalised in time.
According to the report Mickelson confirmed the match and the terms though Woods’ team refused to comment.
"We're working on a different date," the magazine quotes Mickelson as saying Thursday. "I thought it was done for the 3rd but obviously it wasn't."
No venue has been confirmed though the article says Las Vegas was to be the host city.
Woods played several made for TV exhibition matches early in his career against opponents including David Duval, Sergio Garcia and a mixed event where he and Annika Sorenstam teamed against Karrie Webb and Duval.
Mickelson was part of the last of the series of matches in 2005 when he and Retief Goosen beat Woods and John Daly at The Bridges in California.
For much of their careers Mickelson and Woods have been less than friendly but in recent years their relationship has clearly become closer.
They played a highly publicised practice round together at Augusta in April and were a major drawcard when paired together at The Players’ Championship the following month.
Mickelson told the magazine the proposed high stakes match was a direct result of their new-found friendship.
"As we've developed a good relationship, we've started to collaborate on some other things that have allowed us to achieve things that we couldn't do on our own,” he is quoted as saying.
“Like this match. I couldn't do it on my own. He couldn't do it on his own. But together, we're [trying] to create something pretty special."
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