Negotiations are on-going to arrange a two-on-two spectacle which would see Mickelson team up with Brady to take on Woods and Manning, a source familiar to the negotiations confirmed to CNN Sport.
Professional golf is on hold because of the ongoing coronavirus pandemic, but Mickelson had hinted on social media that he was "working on" plans for a clash between the two golfing greats.
With the date and time of the match still far from finalized, other details of the negotiations are more clear.
The event is being organized jointly by the PGA Tour and WarnerMedia (the parent company of CNN) and it is not expected to air on pay-per-view.
The setting for the match is also yet to be confirmed, but there would be no spectators present and only a small television production team, with all individuals adhering to recommended social distancing guidelines.
CNN has reached out to the four athletes for comment. The PGA Tour declined to comment.
Should it go-ahead, the charity event would be a rematch of the televised clash back in 2018 between Woods and Mickelson.
Dubbed "The Match," the pair met in a $9 million made-for-TV showdown which Mickelson won after 22 holes at Shadow Creek Golf Course in Las Vegas.
Mickelson also won $600,000 in charity side bets, as he was closest to the pin on three of the par 3s. But he missed a birdie putt on the first hole and donated $200,000 to Woods' handpicked charity.
Woods and Mickelson have 20 majors between them and were fierce rivals at the height of their careers, but the veteran golfers have become friendly in recent years.
Similarly, Brady and the retired Manning enjoyed a healthy rivalry during their respective playing careers.
Brady has recently joined the Tampa Bay Buccaneers after spending his entire NFL career -- 20 seasons -- with the New England Patriots, winning six of the nine Super Bowls he reached.