News of the fight was reported on Tuesday's edition of "UFC Tonight" on Fuel TV. No official date or venue has been announced for the event.
Masvidal (25-7) is just three days removed from a second-round submission victory over Michael Chiesa at a "UFC on Fox" event in Seattle. Masvidal finished the 155-pound contest with less than one second remaining in the round.
A former No. 1 contender in Strikeforce, Masvidal is 2-0 in the UFC. He recorded a unanimous decision over Tim Means in his promotional debut in April.
Khabilov (16-1) has also got off to a 2-0 start in the Octagon. The 26-year-old prospect has finished back-to-back fights since singing with the UFC last year.
A product of Jackson's Mixed Martial Arts in Albuquerque, N.M., Khabilov knocked out Vinc Pichel in his UFC debut in December. In his most recent performance, he retired Yancy Medeiros with a thumb injury, which resulted in a TKO win at UFC 159.