In a release today the news outlet said the Masters course will be "taught by a mix of guest lecturers and a permanent director of studies appointed by the university", and will be based in London.
It is hoped that the course will take on its first cohort of students in September next year. "Further details about the masters degree, which is subject to validation, will be released in due course," the press release adds.
The content of the course will see students "taught the core fundamentals of journalism with a focus on digital, as well as reporting, writing, publishing and technical skills".
Editor-in-chief of Guardian News & media Alan Rusbridger said the aim is that the degree will "produce a generation of students who are completely up to date with the skills needed to succeed in journalism today".
"Everything about the media is there to be re-imagined and reshaped. Our new masters degree in journalism with digital media will be applicable to a wide range of careers, from news to website content management and social media."
Head of the school of journalism, media and cultural studies at Cardiff University Justin Lewis added in the release that "both organisations are committed to delivering the highest standards of journalism at a time when it is much needed."
He told Journalism.co.uk they are "very confident" that validation of the course will be successful.
He added that this is the first time the university has worked "in as closer partnership" as this with a UK news outlet. While the university has taken "the lead" in terms of curriculum development, he said, the Guardian's editorial team has also looked over the content and been involved.
He added that the course fees are likely to be "at a similar level to other high quality Master courses in London".
In the press release Richard Sambrook, who joined the university as professor of journalism and director of the centre for journalism earlier this year, added that the partnership will enable the university "to reach and engage with a new, potential audience that values the highest standards of journalism and is interested in technological developments".