The event would be the May 29, with a date and location yet to be announced.
Barao (33-3) lost the title to T.J. Dillashaw in 2014, but rebounded with a win over Mitch Gagnon to secure a rematch. He lost again to Dillashaw and will move up following issues cutting down to 135 pounds.
Stephens (24-12) suffered a decision loss to Max Holloway this past December, dropping him to 4-5 over his last nine fights. He finished Dennis Bermudez earlier tin the year following back-to-back decision defeats in 2014 to Charles Oliveira and Cub Swanson.