Previously announced for the card, which will air on Showtime, is a middleweight title defense from Robbie Lawler against Joey Villasenor.
The 160-pound belt was previously held by K.J. Noons, who was stripped last month of the title for refusing to fight Diaz. Noons wanted Alvarez, whom he felt was more deserving of a title shot.
A title win for Alvarez (15-1) would be a nice way to cap off his breakout year, and perhaps a solid makeup for missing out on a chance to win the DREAM lightweight tournament title. Alvarez suffered a swollen eye in his semifinal win over Tatsuya Kawajiri and was forced to pull out of the final taking place the same night.
Diaz (18-7) fought on the previous EliteXC-CBS card, finishing Thomas "Wildman" Denny in the second round with strikes. Diaz has won three in a row since losing to Noons last November.
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