Cleveland is set to defend its first championship in years.
The bout will headline the pay-per-view portion of the UFC card, which will take place in Cleveland's Quicken Loans Arena on Sept. 10.
Miocic (15-2) is fresh off winning the title at UFC 198. There, the new champ dethroned Fabricio Werdum with a first-round knockout in front of more than 45,000 UFC fans in Curitiba, Brazil.
Overeem (41-14, 1 NC) gets a chance to make history with a win at UFC 203. If he can beat Miocic, Overeem will be the only fighter ever to hold the UFC, Strikeforce, DREAM and K-1 heavyweight titles.
The UFC 203 card is currently in the developmental stage and more bouts are expected to be announced in the coming months.
Follow Erik Fontanez on Twitter: @Nahmles