The card will be held at Ginasio Nilson Nelson in Brasilia, on 14 March. Lee (18-5) is still trying to climb back up the lightweight rankings after returning to the weight category with a sensational head kick knockout against Gregor Gillespie at UFC 244.
Oliveira (28-8), meanwhile, is riding a six-fight win streak. However, Lee will be the first ranked opponent he has ever fought.
This is yet another high-risk fight for Lee, who suffered a huge blow by losing to Al Iaquinta and Rafael Dos Anjos back-to-back. However, Lee does seem to have some new wrinkles to his game since training at Tristar with the esteemed Firas Zahabi.