Ironically, both fighters last lost to Demetrious Johnson, the current UFC flyweight champion.
Benavidez (16-3) had his four-fight win streak snapped by Johnson in a bout to determine the first-ever UFC flyweight champion.
McCall (11-3-1) was topped by Johnson in the semifinal round of the 125-pound tournament. The two had previously fought to a draw due to a scoring error.
The bout would be added to a card that currently features UFC featherweight champion Jose Aldo vs. Frankie Edgar, Alistair Overeem vs. Antonio Silva, and Rashad Evans vs. Antonio Rogerio Nogueira.
The two flyweights have verbally agreed to square off at UFC 156 on February 2 from Las Vegas.