It will be the first time the American pair have teamed up in Melbourne since 2003. They tried their luck at Wimbledon last summer, but lasted just one round before withdrawing injured.
The sisters won the Australian Open in 2003. Their ranking now stands a notional 9999 due to inactivity.
"The Williams sisters in full flight on the same side of the net is one of the great sights in tennis," said tournament director Craig Tiley.
"They are also one of the most skilled pairings on the world circuit with an incredibly successful record in doubles."