Bolt recently expressed his admiration for Mbappe, and hoped the World Cup champion would race him to raise money for charity.
Mbappe accepted the challenge and will race the Jamaican legend in an event called Victory Mode organized by his charity foundation Inspired By KM and sports equipment company Nike.
"Knowing that I inspire someone like that is really gratifying," Mbappe said in response to Bolt's praise. "I think he inspired everyone a little bit, too, and every one of you in this room has gotten up in the middle of the night to watch one of his races. It's mutual. But I started admiring him first."
Bolt once said Mbappe would have no chance in a race with him. Responding to this statement, the PSG striker said: "[I have] no chance, I think so, too."
Bolt, an eight-time Olympic champion, is the world record holder in the event with a time of 9.58 seconds. He retired in 2017.
Mbappe is considered among the fastest football players and is thought to be capable of running 100m in 10.9 seconds.
The schedule and venue for the race have not been disclosed yet.