Mendes was scheduled to face Manvel Gamburyan on Feb. 23 at UFC 157 in Anaheim, Calif., but that fight was scrapped after Gamburyan suffered an injury Friday in a training session. Mendes was later pulled from the card when a suitable opponent could not be found.
But on Monday night, UFC president Dana White told USA Today that Mendes and Guida had agreed to meet on the UFC on Fox 7 card.
Guida, a former lightweight contender who made his featherweight debut Jan. 26 in Chicago with a unanimous decision over Hatsu Hioki, immediately accepted the offer to fight Mendes.
"It's not too often you get to see two explosive MMA wrestlers, and Chad will obviously be the most-decorated collegiate wrestler I've faced," Guida told ESPN.com on Tuesday. "He hasn't faced the wrestling I possess, and I haven't faced his, especially with his speed.
"And you'll get to see two guys with heavy hands at 145. I'm excited about this fight. It's an opportunity to fight one of the top guys in the 145-pound division. And I'm going to stay in the win column."
Guida will enter the bout with a record of 30-13.
Mendes (13-1) has won two fights in a row since suffering his first professional loss -- a first-round knockout to featherweight titleholder Jose Aldo in January 2012 at UFC 142.