Mike Bohn and Farah Hannoun of MMAJunkie confirmed the original report, and Volkanovski referenced the bout in a tweet:
The 27-year-old Holloway sports a 21-4 professional MMA record. He has been the UFC's featherweight champion since a third-round TKO of Jose Aldo at UFC 212 in June 2017.
Holloway has successfully defended his title three times, most recently versus Frankie Edgar at UFC 240 in July. He rose up the ranks to lightweight and faced Dustin Poirier for the interim light heavyweight belt on April 13 but lost via unanimous decision.
The 30-year-old Volkanovski may be Holloway's toughest title challenger yet, as the Australian is 20-1 in the professional ranks (7-0 UFC).
Volkanovski, who hasn't lost since May 2013, is riding a 17-match winning streak.
His last Octagon appearance occurred on May 11 at UFC 237 after a win over Aldo via unanimous decision. Volkanovski is ranked as the UFC's No. 1 contender for the belt.
The UFC 245 card looks stacked, with Amanda Nunes defending her women's bantamweight belt against Germaine De Randamie. ESPN's Ariel Helwani reported there could even be another title addition:
Ariel Helwani @arielhelwani
Max Holloway vs. Alexander Volkanovski is a done deal for UFC 245 on Dec. 14 in Las Vegas, per sources. That’s the second title fight on the card (Nunes vs. GDR, too). Current goal is one more but the third isn’t locked in yet. First reported by Australia’s Daily Telegraph.
Other fights include No. 2 women's flyweight Jessica Eye facing off against Viviane Araujo and No. 7 welterweight Santiago Ponzinibbio taking on No. 13 Robbie Lawler.