Both sides have agreed to the 125-pound championship fight, per sources. The UFC has not finalized a location or venue just yet, although sources say it will most likely take place in Australia.
Shevchenko (19-3) will be seeking her fourth title defense. A former bantamweight title challenger, Shevchenko has torn through her opposition since dropping to the 125-pound weight class in early 2018. She has suffered only two losses in her UFC career, both to two-weight champion Amanda Nunes.
Shevchenko is coming off a third-round stoppage against Katlyn Chookagian at UFC 247 earlier this month.
Calderwood (14-4) has won three of her past four. Her only loss during that stretch was a unanimous decision to Chookagian in June. Originally from Scotland, now fighting out of Las Vegas, Calderwood defeated Andrea Lee via split decision in her most recent bout, at UFC 242 in September.