The UFC confirmed the booking during the UFC 272 broadcast.
Oliveira is coming off of his first successful title defense against Dustin Poirier at UFC 269. After withstanding an early barrage from Poirier, Oliveira was able to impose his will with his signature grappling and submit Poirier in Round 3.
Oliveira earned the then-vacant lightweight title over Michael Chandler at UFC 262 following dominant wins over Tony Ferguson and Kevin Lee.
Gaethje will get his second shot at the UFC lightweight title after losing to Khabib Nurmagomedov at UFC 254. He had earned the interim belt by defeating Ferguson at UFC 249 via fifth-round TKO.
Before getting the shot against Oliveira, Gaethje won a barnburner against Chandler at UFC 268. He won the fight via a unanimous decision in arguably one of the most exciting fights in UFC history.
While there isn’t any notable bad blood between Oliveira and Gaethje, there has been some verbal banter between the two sides. Gaethje has recently said that he plans to make Oliveira quit in their matchup, while Oliveira has called Gaethje a “phony” following their post-UFC 269 run-in.
The booking comes amidst an interesting lightweight title picture. Islam Makhachev is expected to face Beneil Dariush in a re-scheduled bout later this year, while Conor McGregor is looking to return in the summer.
UFC 274 is scheduled to take place at the Footprint Center in Phoenix, AZ on May 7.
What is your prediction for Charles Oliveira vs. Justin Gaethje?