UFC president Dana White confirmed the bout during a video interview with MMA Crazy TV on Monday in London. The event will take place at O2 World and air on Fight Pass, the UFC's Internet subscription service.
The 28-year-old gave Jones the toughest test of his career in a unanimous decision loss in September 2013 but has fought only twice since, compiling a 1-1 record.
Teixeira (22-4) has also stumbled of late, losing back-to-back fights last year to Jones and Phil Davis. The 13-year veteran started his UFC career with a 5-0 record, but failed to win a single round in last year's two losses.
ESPN.com ranks Gustafsson and Teixeira the Nos. 4 and 8 light heavyweights in the world, respectively.