According to The Guardian, the 60-minute episode will be written by creator Howard Overman.
The show follows a group of teenagers who receive superpowers after getting caught in freak weather while they are doing community service.
Stars Robert Sheehan, Iwan Rheon, Lauren Socha, Nathan Stewart Jarrett and Antonia Thomas are all expected to appear in the special and the second series, which started filming in May.
E4's acting head Paul Mortimer said: "We're delighted that as well as a second series, we'll have this special standalone commission as a treat for fans during what will be E4's biggest Christmas schedule so far."
Misfits won the 'Best Drama Series' award at the BAFTAs earlier this month.