The leaders will also be interviewed during the 90-minute joint Sky News and Channel 4 programme.
Sky News Political Editor Faisal Islam will host the audience Q&A and Jeremy Paxman, the former BBC Newsnight presenter, will then interview both leaders.
The programme will air four days before Ms May and Mr Corbyn face audience questions during Question Time specials on the BBC.
A poll for The Independent found that a majority of the public want the leaders to directly debate each other in live televised debates.
Ms May had been criticised after refusing to take part in a head-to-head contest, with rivals accusing her of "running scared", but Mr Corbyn had also signalled he will not take part if the Tory leader did not.
There have been calls for broadcasters to "empty chair" any political leader who chooses not to participate.
May v Corbyn Live: The Battle For Number 10 airs on 29 May at 8.30pm.
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