White told ESPN the UFC has formally offered the 145-pound bout to both sides. Once signed, the bout will serve as the co-main event to UFC 240, which will be held at Rogers Place in Edmonton, Alberta.
"I'm excited about this Edmonton card. Max Holloway vs. Frankie Edgar is a great main event, and now we have Cris Cyborg vs. Felicia Spencer in the co-main event," White told ESPN. "Felicia is undefeated at 7-0, a former Invicta world champion, coming off a very impressive first-round finish over a top 3-ranked Megan Anderson. I can't wait for this fight."
Cyborg (20-2), 33, of Curitiba, Brazil, has not fought since she surrendered her featherweight championship to Amanda Nunes in a 51-second knockout loss at UFC 232 in December. It was her first loss since her professional debut in May 2005. According to sources, she is on the final bout of her UFC contract.
Nunes still controls the bantamweight and featherweight titles. She is scheduled to defend her 135-pound championship against Holly Holm at UFC 239 in Las Vegas on July 6.
Spencer (7-0), 28, is coming off a successful UFC debut earlier this month. A former champion in the all-female promotion Invicta FC, Spencer defeated Anderson via submission in the opening round. She has recorded finishes in five of her seven career wins.
Spencer fights out of Orlando, Florida.
A featherweight title fight between Holloway and Edgar is scheduled to headline UFC 240.