The bout will be contested at 155 pounds and will take place on the pay-per-view portion of the card.
Ferguson (24-3) has not fought since he defeated Anthony Pettis via TKO at UFC 229 on Oct. 6 in Las Vegas. The 35-year-old has won 11 fights in a row dating back to 2013. He was scheduled to face Khabib Nurmagomedov for the lightweight championship in April 2018 but was forced to withdraw due to a knee injury.
The UFC offered Ferguson an interim lightweight title fight against Max Holloway in April, but Ferguson was unavailable due to personal issues. Ferguson met with UFC brass earlier this week in Las Vegas to discuss his return, as well as a new deal with the promotion.
It's a lightning-quick turnaround for Cerrone (36-11), who is coming off a five-round decision over Al Iaquinta last weekend in Ottawa, Ontario. Cerrone is riding a three-fight winning streak and holds the record for most victories in the UFC with 23. Three others are tied for second with 20.
Ferguson recently left his longtime management at Paradigm Sports Management and is now represented by Ballengee Group. Ferguson has repeatedly expressed interest in a bout against Conor McGregor, who is represented by Paradigm. At this time, however, there is no time frame on McGregor's next fight.
The current lightweight champion, Nurmagomedov, is expected to face interim champion Dustin Poirier in September.