The match will take place at Cardiff City Stadium on August 14 and will allow both sides to make preparations for the final matches of their respective FIFA World Cup™ qualifying campaigns.
"This will be a very useful test for us before embarking on the two World Cup games in September," said Wales manager Chris Coleman.
"The timing of the August friendly match is always so near to the start of the new domestic season, so that means a home game is always useful to cut down on travelling and I am sure that our friends from Ireland will feel the same.
"Their players are all well known to us, as we will be to them, so it promises to be a good match to get the new season underway and I hope our fans will turn out to support the team."
Wales and Ireland have met on 12 previous occasions, with the Irish prevailing 3-0 in the most recent contest in February 2011.
Wales' hopes of reaching Brazil have already faded, but Ireland currently sit in third place in European qualifying Group C.