The hourlong interview will air Dec. 9 on ABC. Walters will follow Winfrey that night with another hour about the most fascinating people of 2010.
The Winfrey special will include the star talking about memorable moments in her 25-year-old show. She's giving it up at the end of this season and concentrating on her own cable network.
ABC said Thursday that Walters will do the interview in Chicago at Winfrey's home and Harpo Studios.