Volkanovski, ranked No.4, will face former two-time champion Aldo in Rio de Janeiro at UFC 237 in May, according to US media.

A win against the No.1 ranked Brazilian would potentially earn 30-year-old Volkanovski a shot at the 145-pound title.

The UFC has yet to officially confirm the May 11 fight but AAP understands the showdown will be announced within days with Volkanovski posting on social media on Tuesday, "Not long now!! #announcement #bigone"

The New South Welshman is riding a 16-fight winning streak - including a 6-0 record in the UFC - with his most recent victory a statement performance against former title challenger Chad Mendes.

Volkanovski won by technical knockout in second round at UFC 232 in Los Angeles in December and has called out the likes of Aldo, undisputed featherweight champion Max Holloway and veteran Frankie Edgar.

A win over Aldo in would likely lead him to a world-title bout although Holloway has made his way up to lightweight for a shot at the interim belt next month.

However, Volkanovski will have to get through a resurgent Aldo, whose only losses in a 13-fight UFC career are to Holloway (twice) and Conor McGregor.

The 32-year-old Brazilian has won his past two fights style and is looking to make it three for three before he hangs up his gloves when his contract expires in the second half of 2019.

Volkanovski's one and only defeat was almost six years ago.

Australian Associated Press