Heavyweight contenders will square off March 11 in Las Vegas.
Two people with knowledge of the booking recently informed MMA Junkie of the matchup but asked to remain anonymous since the promotion has yet to make an official announcement. Eurosport NL first reported the bout Tuesday.
Volkov, 34, alternated wins and losses over his most recent five fights. In June, Volkov defeated Jairzinho Rozenstruik in the UFC Fight Night 207 main event. Volkov is 5-2 in his most recent seven fights, all against UFC-ranked opponents.
Romanov, 32, looks to bounce back from a majority decision loss to Marcin Tybura at UFC 278 in August. The defeat was the first of his career. Notable UFC wins for Romanov include Juan Espino, Chase Sherman and Marcos Rogerio de Lima.
With the addition, the UFC Fight Night 221 lineup includes:
Merab Dvalishivli vs. Petr Yan
Alexandr Romanov vs. Alexander Volkov
Abu Azaitar vs. Sedriques Dumas
Lukasz Brzeski vs. Karl Williams
JJ Aldrich vs. Ariane Lipski
Raphael Assuncao vs. Kyler Phillips
Jonathan Martinez vs. Said Nurmagomedov
Mario Bautista vs. Guido Cannetti
Tyson Nam vs. Bruno Silva
For more on the card, visit MMA Junkie’s event hub for UFC Fight Night 221.