The UFC 280 pay-per-view event takes place on Oct. 22 at Etihad Arena. Officials announced the lightweight contest Saturday.
Officially, the fight will be for the UFC's vacant 155-pound title, although the majority of the sport essentially views Oliveira (33-8) as the defending champion.
Oliveira, of Brazil, won the title in 2021 with a knockout over Michael Chandler. He successfully defended the belt against Dustin Poirier in December but then surrendered it in May when he was unable to make weight for a scheduled defense against Justin Gaethje.
Oliveira went on to submit Gaethje in the first round at UFC 274. Officially, that result went down as a nontitle fight for Oliveira. He has won 11 consecutive bouts, a streak that includes 10 finishes.
Makhachev (22-1) is widely viewed as the biggest threat to Oliveira's dominance. A longtime teammate of retired former champion Khabib Nurmagomedov, Makhachev has won 10 in a row in the UFC. He has finished his past four opponents, including back-to-back finishes in the first round.