Everyone's favourite red-haired prince is slated to interview Obama for approximately 40 minutes, with the discussion expected to be edited down to 20 minutes for release at a later date on television and as a podcast.
Near the end of the clip, Harry admits to feeling a few pre-show jitters, telling Mr Obama: "You're excited about this".
The video above sees Obama mess around with Harry, asking him if he should do the interview in a British accent.
"Do I need to speak faster?"
The interview, which is apart of the prince's guest editorship for the outlet, will delve into the men's shared goal of promoting youth leadership, as well as the day the president left office and his post-presidential life, according to Kensington Palace.
"No, no, let's keep it this way", Harry said, laughing.
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After Harry displays a mock-stern face, Obama grins before responding: "I don't want to see that face".
Kensington Palace has released footage of the upcoming interview between Prince Harry and ex-president, Barak Obama.
Since Obama left office, he has met Harry on several occasions, including a stop-over to Kensington Palace in May during his tour of Europe, and during Obama's Foundation Summit in October.
'We wish you a lifetime of joy and happiness together'.
The newly engaged prince will guest-edit the BBC Radio 4 program "Today" on December 27. The Prince replied with a video of himself watching the challenge with his grandmother, Queen Elizabeth II.