The fight will headline the UFC 328 tournament, which is scheduled for May 9 in Newark, New Jersey, USA.
Chimaev won the title in August last year when he confidently defeated Dricus Du Plessis by unanimous decision.
Strickland got a chance to reclaim the belt after a spectacular performance in late February, when he knocked out Anthony Hernandez. This result brought him back into the division's elite and allowed him to bypass other contenders, including Nassourdine Imavov, in the queue.
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Tsarukyan explained why he does not invite Chimaev to fights
It is worth adding that the confrontation between the two fighters has long surpassed sports boundaries: tense relations began several years ago after joint sparrings and have recently escalated into a public verbal war on social networks and interviews.