Prime Minister Julia Gillard and Opposition Leader Tony Abbott will come together for a question-and-answer session with the public in the heart of western Sydney.
News Ltd newspaper The Daily Telegraph says it will host the event at the Rooty Hill RSL on Wednesday after both leaders agreed to take part.
Two hundred undecided voters, chosen by the Galaxy polling company, will be given an hour to question Ms Gillard and Mr Abbott separately on their policies and vision for the country.
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It will be televised live around the country by Sky News from 6pm (AEST) and hosted by Sky's political editor, David Speers.
The newspaper chose Rooty Hill RSL due to its iconic status in western Sydney.
Daily Telegraph editor Garry Linnell said he believed the event could signal a turning point in the election campaign.
"Several key marginal seats are in NSW, and it is those swinging voters who are about to become the ultimate powerbrokers in this country," he said in a statement.
"This debate is about bringing politics back to the people."
