Nurmagomedov claimed the vacant belt by defeating Al Iaquinta - a late stand-in after the withdrawals of Tony Ferguson and Max Holloway - by unanimous decision, and his first defence will be against McGregor.
The last time McGregor was in the Octagon, he scored a 2nd round knockout over lightweight champion Eddie Alvarez to become the first fighter to hold two world titles simultaneously.
This battle should be the most anticipated event of the year and will be part of UFC 229.
The announcement comes after McGregor resolved his legal troubles, stemming from an incident in which the fighter whipped a hand truck at a bus carrying UFC fighters during a one-man rampage last April at Brooklyn's Barclays Center.
Well it seems like Conor McGregor's Irish lawyer may have confirmed the date and location for his bout with Nurmagomedov.
Nurmagomedov, the Dagestan-born Russian champion, has been one of the pound-for- pound greats of MMA when healthy, racking up 10 consecutive victories since joining the UFC.
So should Nurmagomedov and McGregor put pen to paper in the next few days, their bout could very well be announced at the event.
Spy agencies suspect North Korea building new missiles
The returned material also included military hardware and uniforms, including helmets, water bottles and boots, he said. North Korea previously returned the purported remains of foreign soldiers that turned out to be misidentified.
The pair will fight for the lightweight title, with McGregor putting his 21-3 record up against Nurmagomedov's superior mark of 26-0.
He is a formidable challenger for McGregor in a return from a 23-month break from MMA competition.
The UFC fighter is as famous for his concussive striking power as he is for his memorable microphone skills, his flambouyant dress sense, and his taste for a night on the town.
McGregor has posted several photos on social media this week hyping his physical fitness in advance of the announcement, which neither fighter attended.
"It's time to go, so it's time to go", Diaz said.
As it played, Diaz abruptly left the presser he was at and tweeted "I'm not fighting on that show (expletive) the UFC".