Both fighters have verbally agreed to the bout, according to UFC officials. The UFC 209 pay-per-view event will take place inside T-Mobile Arena.
Hunt (12-10-1) has not fought since a decision loss to Brock Lesnar at UFC 200 on July 9. After that bout, it came to light Lesnar had failed multiple drug tests around the event, including one taken June 28.
The positive tests showed the presence of clomiphene, an anti-estrogen. In documents submitted to the NSAC, Lesnar denied knowingly taking any banned substance.
Lesnar was still able to compete because the result of the June test was not available to the UFC or Nevada State Athletic Commission until after the fight. He has since been suspended one year and fined $250,000. His win over Hunt was also changed to a no contest.
Hunt, 42, was furious when results of Lesnar's test became public. In October, he hired an attorney to demand a clause to his future UFC contracts that would call for stiffer penalties on opponents who fail a drug test. Representatives for Hunt were not immediately available to comment on those demands.
Speaking on his website, MarkHunt.TV, Hunt confirmed he is willing to accept the Overeem bout, but reiterated his demand for the additional clause to offer him protection in the event of another doping violation.
"My clause will protect me in this instance and take the financial gain of the opponent caught cheating," Hunt said. "That deterrent will protect me and other fighters. I'm pushing for this clause. I want to fight, and I'm ready. If the fight doesn't go ahead, it's not my doing."
According to sources, Overeem has not agreed to any additional clause in the contract as of Tuesday night. The UFC has not yet commented on Hunt's contractual demands.
Overeem (41-15) is coming off a first-round knockout loss to Stipe Miocic in a heavyweight title fight at UFC 203 in September. Before the loss, Overeem had won four consecutive bouts.
Hunt and Overeem's fight at UFC 209 will be a rematch of a contest that took place in Japanese promotion DREAM in 2008. Overeem won via submission in just 71 seconds.
The UFC has not yet announced a main event for UFC 209.