It will mark the second meeting between Cormier and Jones, as Jones won by unanimous decision in their bout at UFC 182.
UFC 214 will take place July 29 at the Honda Center in Anaheim, California.
The rematch between Cormier and Jones was originally scheduled to occur at UFC 197, but Cormier was forced to pull out due to injury.
It was then moved to UFC 200, however Jones was pulled from the fight due to a doping violation that later resulted in a one-year suspension.
Cormier and Jones have had a public feud since the build toward their first fight, and it continued following the announcement Friday, as seen in this video courtesy of ESPN's Arash Markazi:
Cormier is 4-0 since his loss against Jones, including a victory over Anthony Johnson at UFC 210, which improved his career record to 19-1.
Jones is 22-1 in his career, but he hasn't competed since defeating Ovince Saint Preux by unanimous decision at UFC 197 in April 2016.
Jones was never defeated for the UFC light heavyweight title, and he will have an opportunity to prove at UFC 214 that the championship still belongs to him.