Aussie UFC star Alex Volkanovski will be stepping up to face lightweight champion Islam Makhachev at UFC 294 after Charles Oliveira was forced out with injury - and the championship fight is less than two weeks away.

UFC boss Dana White announced news of the rematch following the Season 7 finale of The Contender Series, explaining that Oliveira suffered a serious cut to his eyebrow in sparring that required stitches.

Volkanovski, on just ten days notice, will step in to avenge his narrow decision loss to Makhachev in Perth at UFC 284 - and make a second attempt at becoming a two-division champion.

Makhachev has not fought since his bout with Volkanovski, while the Aussie star has stayed busy, returning to featherweight to defeat interim champion Yair Rodriguez by TKO at UFC 290.

White explained that it took just 'one phone call' to get Volkanovski to agree to the rematch bout.

'The Volkanovski crew, him and Israel [Adesanya], these guys are absolute studs, man,' White said.

'This is how we do it, brother,' White added. 

'One fight falls out and we end up making a fight - it's one of the most anticipated rematches ever in that weight class.'

Volkanovski has made no formal comfirmation about the showdown with his old foe, but on Wednesday afternoon shared a post on his Instagram page saying, 'Alex Volkanovski is the baddest motherf**ker walking the face of God's green earth'.

With Makhachev vs. Volkanovski 2 in the headliner spot at UFC 294, lightweight star Matuesz Gamrot will remain in place as a backup in case anything else goes awry between now and Oct. 14. 

The Australian MMA champion has an astonishing five successful title defences and six featherweight title fight wins, the second most in division history.

Makhachev has just one title defence, but has won his last 12 fights in the promotion.

While he didn't get his hand raised last time the pair met in the Octagon, Volkanovski showed he could stifle Makhachev's grappling and has repeatedly called for a second bite at the cherry.

'We all know I want that lightweight belt,' Volkanovski said at the UFC 290 post-fight press conference. 

'We all know I want that rematch. I want that Islam fight. I think not only for me to get that belt, to get that win back but I think it is a massive fight for the UFC as well.

'I think it's a fight everyone wants to see. It was literally that type of fight. It was that close. It was a cracking fight. Everyone enjoyed it. I was very, very high level. It was [No. 1 and No. 2 pound-for-pound] going at it. We showed out, it really was that.

'He lived up to the hype. I lived up to the hype and that fight lived up to the hype. We just need to see [rounds] 5 to 10.'

The UFC card will be held at the Etihad Arena in Abu Dhabi.