The Presidents Cup, which pits a 12-man team from the United States against a line-up of international players from outside Europe, will be played at Muirfield Village in Dublin, Ohio, during the first week of October 2013.
"Fred Couples and Nick Price will both bring a wealth of enthusiasm and experience to their respective teams for the Presidents Cup 2013, which will only serve to continue the momentum and success of the past nine events," US PGA Tour Commissioner Tim Finchem said in a statement.
Couples steered the US team to victory in 2009 and 2011 and will try to become the first Presidents Cup captain to win three times, while World Golf Hall of Famer Price will be making his debut as captain.
"It's an amazing honour to be selected to serve as US Team captain again in 2013," said Couples, who is competing at this week's Memorial tournament as a sponsor's exemption. "The Presidents Cup has been a huge part of my career and my life."
Price will have the distinction of being the captain with the most Presidents Cup experience as a player after competing for the International team five times.
Last November, the US Team captured the Presidents Cup for a seventh time. The lone win by the International team came at the 1998 event in Melbourne, Australia, while the 2003 Cup competition ended in a tie.
"Ever since playing in the inaugural Presidents Cup in 1994, it has been an event that has meant so much to me, and I have looked forward to the opportunity of captaining what I know will be a very strong International team," said Price.