The belt will be up for grabs July 29 in Anaheim, California as UFC stripped Germaine de Randamie of the title for refusing to fight Justino.
"UFC has informed Germaine de Randamie and her management team that she is being removed as the women's featherweight champion due to her unwillingness to fight the No. 1 ranked contender, Cris 'Cyborg' Justino," UFC said in a statement. "UFC maintains that any champion is expected to accept fights against the top contenders in their respective weight classes in order to maintain the integrity of the sport."
De Randamie defeated Holly Holm at UFC 208 in February to claim the inaugural women's featherweight title. Justino vs. Anderson will be the second fight in the division's short history.
"Since I've been fighting in the UFC, people have been saying that there are no women my weight to fight," Justino said. "This proves that wasn't true. Instead of fighting someone who has lost their last couple of fights at a lower weight, I'm getting the chance to fight the No. 3-ranked featherweight in the world."
Justino (17-1) has won her first two UFC fights. Anderson (8-2) is the reigning featherweight champion in the all-women promotion Invicta FC, which UFC distributes through its online platform.
"We're the best featherweights in the world," Anderson said. "It's a great test for [Justino], and it's a great test for me. There's a reason I'm in the position that I am in such a short amount of time. She knows I'm a big threat to her."
Said Justino: "This is the type of world title fight fans want to see, and I guarantee you it won't go five rounds."
Anderson, who has won her last four bouts by knockout, told ESPN she has signed a multi-fight deal with UFC.
ESPN's Brett Okamoto contributed to this report.