UFC also announced that featherweights George Roop and Antonio Carvalho will meet on the card.
Alves (19-9) has struggled to find his rhythm since losing by unanimous decision to 170-pound champion Georges St. Pierre in July 2009 at UFC 100. He is 2-3 since that loss.
Akiyama will be making his second appearance at welterweight.
In an effort to end a three-fight skid and remain on the UFC roster, Akiyama (13-5) dropped to 170 pounds for a bout with former Strikeforce middleweight titleholder Jake Shields in February.
Shields defeated Akiyama by unanimous decision.
"This is a great fight for Thiago," Alves' manager Malki Kawa told ESPN.com. "Both guys are definitely in need of a win.
"Akiyama brings a lot of experience into the cage and skills that Thiago isn't used to dealing with, but he hasn't seen a striker like Thiago. This is going to be a really fun fight for the fans.
"And it's going to be a good fight for Thiago."
Roop (12-9-1) looks to end a two-fight skid, while Carvalho seeks his first win inside the Octagon.
During his UFC debut in January, Carvalho (13-5) lost by unanimous decision to Felipe Arantes. The loss snapped Carvalho's win streak at three.
Featherweight champion Jose Aldo is expected to headline the card. His opponent has yet to be named.