The match will see British number ones Draper and Raducanu go head to head, while the much-talked-about partnership between Raducanu and Alcaraz will finally become a reality.
Men's world number one Jannik Sinner is also set to take part in the mixed doubles, and it was announced that he would be playing alongside doubles star Katerina Siniakova after his original partner, Emma Navarro, pulled out. They will come up against the duo of Belinda Bencic and Alexander Zverev.
Another high-profile team includes 24-time Grand Slam champion Novak Djokovic and Olga Danilovic, who face Mirra Andreeva and Daniil Medvedev.
Meanwhile, other standout clashes see Iga Swiatek and Casper Ruud meet Madison Keys and Frances Tiafoe, Naomi Osaka and Gael Monfils take on Lorenzo Musetti and Caty McNally, while Taylor Fritz and Elena Rybakina clash with last year's champions Sara Errani and Andrea Vavassori.
There are question marks around the participation of Alcaraz, Sinner and Swiatek, however. All three are set to play in the final of their respective tournaments in Cincinnati on Monday, meaning they will have little time to travel and be ready for the start of the mixed doubles on Tuesday.
The revamped tournament was announced earlier this year in an attempt to lure more singles players and, consequently, bring more eyes to doubles, as it currently struggles to generate much viewership and interest.
As a result, it has received some criticism, with many unhappy that it is reducing the opportunity for doubles specialists to win Grand Slams and make money.
It has been moved to the Fan Week prior to the start of the singles main draw, and will take place on Tuesday, August 19th and Wednesday, August 20th, with a reward of $1 million to the winner.
The format has drastically changed, too. They will be best-of-three sets, with each set going to just four games. There will be no-ad scoring, tiebreakers at four-all, and a 10-point match tiebreak in place of the third set. The final will have sets that are first to six, but everything else remains the same as the previous rounds.
Check out the full draw for the revamped US Open mixed doubles here!