Woodley announced the fight during his podcast on Monday. Thompson had posted a signed bout agreement to social media on Sunday, and said he was waiting for Woodley to accept the bout.
"March 4, UFC 209 in Las Vegas, Nevada ... you will see Wonderboy get the worst ass-whoopin' of his life," Woodley said.
The UFC has not yet officially commented on the rematch, but it has been expected to take place during the UFC 209 pay-per-view event inside T-Mobile Arena. The promotion has not stated whether it will be the main event.
Woodley and Thompson produced one of the best fights of 2016, when they fought to a five-round majority draw at UFC 205 on Nov. 12 in New York.
Woodley (16-3-1) kept the 170-pound title in the result. Thompson immediately called for a rematch, citing "unfinished business."
On Sunday, Thompson (13-1-1) was still campaigning for the rematch. He and Woodley went back and forth on Twitter, with Thompson asking, "You're telling me you left that fight satisfied?"
"In hindsight, you had your opportunity to prove you're the best in the world," Woodley said on his podcast. "You had five full rounds to show everybody what you had. You had no moment where you hurt me. No moment where people thought you were completely dominating, taking the will of the fight. You never had that moment.
"He's gotten under my skin so much, I'm just gonna fight this dude. Straight up. I don't care about the money or what makes the most sense. You need to be careful what you ask for. Wonderboy, you want it? Come get it."