However, it can be a bit vague. To make it more clear and specific, you could add:
* When you will call: "I will give you a call later today."
* What you will call about: "I will give you a call to discuss the project."
* Who you will call: "I will give you a call on your cell phone."
By adding more details, your sentence will be more informative and less open to misinterpretation.