The Covert Agent can reveal the match is expected to take place on November 17 at Suncorp Stadium - just two months before the 2019 Asian Cup kicks off in the United Arab Emirates.
Both sides featured at the 2018 World Cup and though neither managed to escape their respective groups, South Korea did claim a memorable 2-0 win over Germany.
The two nations last met in Sydney for the 2015 Asian Cup final with the Socceroos claiming an extra-time 2-1 win.
After failing to win a game at the World Cup, Australia have dropped to 43rd in the latest FIFA rankings with South Korea remaining steady at 57th.
Though Tim Cahill won't be taking part in the game, the friendly could serve as a testimonial for the Socceroos all-time leading goal scorer, who hung up his boots from international football after his fourth World Cup.