Informed sources close to the situation have reported on the development of the bout.
Undefeated Shavkat Rakhmonov, 29, earned his sixth early victory in the UFC in December, finishing Stephen Thompson with a second-round rear-naked choke.
Colby Covington, 35, made a failed attempt to take the title from Leon Edwards in his previous fight, losing to the champion by unanimous decision over five rounds.
Shavkat Rakhmonov and Colby Covington are currently ranked third and fifth in the UFC welterweight division rankings, respectively.