Sources: Slumping Penn vs. Guida at UFC 237

UFC legend BJ Penn will continue to seek his first win since 2010 when he meets Clay Guida at UFC 237 on May 11, sources confirmed to ESPN on Wednesday.

The UFC is close to finalizing the lightweight bout between Penn and Guida for its May pay-per-view event, which is scheduled to take place in Rio de Janeiro.

MMAFighting.com first reported the matchup.

Penn (16-13-2) is riding a six-fight skid. He suffered a first-round submission loss to Ryan Hall in his most recent bout, at UFC 232 in December.

Immediately after Penn lost to Hall, UFC president Dana White admitted he would "love to see" Penn retire. The former lightweight and welterweight champion will continue to fight, however, extending a professional career that began in 2001.

Penn, 40, was temporarily retired from 2014-2017.

Guida (34-18) is coming off a submission loss to Charles Oliveira in June. Prior to that loss, "The Carpenter" had won two in a row, against Erik Koch and Joe Lauzon.

The UFC has not yet announced its main event for UFC 237.