The match will take place at Cardiff City Stadium on Wednesday, 14 August as both sides prepare for the closing stages of their respective World Cup qualifying campaigns.
The sides have met on 12 previous occasions, with Giovanni Trapattoni's men claiming a 3-0 Carling Nations Cup victory most recently in February 2011.
Wales manager Chris Coleman said: 'This will be a very useful test for us before embarking on the two World Cup games (against Serbia and Macedonia) in September.
"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."