FIDE President Kirsan Ilyumzhinov announced the schedule at a press conference, saying that the budget for the event has been set at USD three million.
The match will be played at the Olympic Village in Sochi. Both players have agreed with this plan, the 'ITAR-TASS' news agency reported.
Russian Chess Federation President Andrei Filatov has also confirmed that the body will participate in the organisation of the event. Carlsen became the world champion last November by defeating Anand in Chennai.
However, the Indian, who held the world title from 2007 to 2013, earned a rematch by winning the Candidates Tournament in Khanty-Mansiysk.

‘Candidates title morale-booster for Carlsen rematch’

Viswanathan Anand feels winning the Candidates title has given him fresh motivation needed to avenge last year's loss to world number one Magnus Carlsen, when the two meet in the World Chess Championship title clash later this year.

Five-time world champion Anand registered three victories  in 14 games without a defeat en route his Candidates victory to earn a rematch against Norwegian Carlsen.
"If I had been dropped into the match that would have one thing but qualifying for it gave me a morale boost," the 44-year-old legend said.
"It will be a different match. It is very unlikely that we both would try to do the same things. Obviously I will try to learn from things that went wrong and I have many impressions that I will think about when I train," said Anand, who was soundly beaten 6.5-3.5 at the Chennai World Championship title contest last November.
"You feel positive. Good result is also something you can feed off. I am hoping to carry that feeling into it. But it goes without saying that we have to do different things, especially the loser," the chess wizard explained further.
Anand said he will try to give his best shot in the re-match which is scheduled to happen in November.
"I will give it my best shot and I am looking forward to it. It is an unexpected second chance, so you definitely want to make use of that. Having said that, I don't  know when the match is going to be. Whether they will stick to the current schedule or the match moves, just literally waiting for details on that front," he said.
"Obviously, once the April deadline passed, as far as I can understand, they have just left it open. People still seem to be looking and they are still trying to organise the match. I am just waiting to see if we get a date and venue soon," he added.


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