The 135-pound affair, which was first reported by ESPN.com, is scheduled to take place on July 5 at the Mandalay Bay Events Center in Las Vegas.
A fan favorite, Faber (30-7) is coming off a loss in his attempt at winning the company's bantamweight title against champion Renan Barao. Faber has gone 4-2 over the last two years, each of his two losses coming at the hands of Barao.
Caceres (10-5, 1 NC) has won four in row, minus a no-contest against Kyung Ho Kang, due to a failed drug test by Caceres.
(Follow @Erik_Fontanez on Twitter)