Rousey (11-0), of Venice, will take on Correia (9-0) on Aug. 1 in the main event in Correia's home country of Brazil.
The Brazilian striker asked for a bout with the champ after her victory over Shayna Baszler (15-9), another fighter from Venice and friend of Rousey's, with a second-round TKO at UFC 177 in August.
"I want to have a shot at Ronda at some point," Correia said through an interpreter at the time. She has also criticized Rousey for not being a "good champion" and called her "selfish."
Rousey's last opponent, Cat Zingano (9-1), lasted just 14 seconds before the submission specialist forced her to tap out.
"I want to go and fight her [Correia] in Brazil and beat her in her hometown," Rousey told Jay Mohr Sports earlier this month. "That would be the best way I could really feel like I've vindicated my friends, to go to her hometown and beat her in her hometown and be total 'Rocky IV' on it."
The fight card is also set to include a light-heavyweight match between fellow Brazilians Mauricio "Shogun" Rua (22-10) and Rogerio Nogueira (21-6). The pair previously met in a PRIDE middleweight fight in 2005 with Rua claiming victory by decision.