The two fighters will be competing in the newly created 125-pound flyweight division, the fourth women's division in UFC.
While this is a move up in weight for the 23-year-old VanZant, who is 7-3 in her career, Eye will be dropping down from 135 pounds after four straight losses.
The 31-year-old has an 11-6 record in her career but could benefit from competing against smaller fighters in the new weight class.
The winner would presumably become one of the top contenders for the flyweight title, which will be handed out at the end of the 26th season of The Ultimate Fighter.
The promotion continues to build its UFC 216 card, with Tony Ferguson and Kevin Lee currently the biggest draw in a battle for the interim UFC lightweight title. Former heavyweight champion Fabricio Werdum will also take on Derrick Lewis in an intriguing battle with potential more bouts still to come.