Officials confirmed the date of the bout on Tuesday evening, although no venue has been announced. It is expected to headline UFC 167, the promotion's 20-year anniversary pay-per-view event.
The fight has been in the works since the two 170-pounders earned separate wins at UFC 158 in March.
St. Pierre, ranked the No. 3 pound-for-pound fighter in the world by ESPN.com, defended the belt against Nick Diaz in a one-sided unanimous decision. Hendricks posted an equally impressive decision over Carlos Condit.
"I know he won the fight, and I think he deserves a title shot right now," St. Pierre said at the time. "He's earned it. He's a very, very tough guy."
St. Pierre's (24-2) eight UFC title defenses ranks him second all time. Only middleweight champion Anderson Silva has more, with 10. The 32-year-old Canadian has won 11 consecutive fights dating back to 2007. The past six have all come via decision.
The November bout will mark the first time St. Pierre has fought outside of Canada since July 2009, when he headlined UFC 111 in Newark, N.J.
Hendricks (15-1) will take a six-fight win streak into the welterweight contest. A former NCAA national champion in wrestling, Hendricks has knocked out three of his past six opponents, all within the first round.