Herring, 34, got the World Boxing Organization belt last May, defeating Masayuki Ito on points. In November, the American first defended his title in a fight against Lamon Roach, who was the official contender.
Oquendo lost to Roach a year ago and returned to the ring in November with Charles Huerta. In the past, the Puerto Rican unsuccessfully challenged the WBA featherweight belt.