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UFC fighter Alexander Volkanovski has taken up a last-minute offer to challenge Islam Makhachev for the lightweight belt, in a rematch of his February defeat.

Australian Alexander Volkanovski will be given the chance to become the fourth man in history to simultaneously hold two different UFC belts, after accepting a last-minute rematch against lightweight champion Islam Makhachev.

Volkanovski's camp on Wednesday took up the offer to fight Makhachev in Dubai on October 21, after challenger Charles Oliveira withdrew from the UFC294 event through injury.

That prompted UFC officials to contact Volkanovski, who was beaten by Makhachev for the lightweight belt by unanimous decision in Perth in February.

Already the UFC featherweight champion since December 2019, Volkanovski will now have a second chance to contend for the lightweight belt in Dubai.

UFC boss Dana White praised Volkanovski and his team for taking up the offer at the last minute, leaving the 35-year-old with only 11 days to prepare.

"The Volkanovski crew, these guys are absolute studs, man," White said.

"He jumps in and accepts the fight.

"This is how we do it. 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's preparation will not be without their challenges.

The short lead-in time aside, Volkanovski defended his featherweight crown in the lower weight division in July and has since had surgery on his arm.

The NSW south coast junior had not intended to return to the octagon until January, when he was scheduled to fight Ilia Topuria in Toronto.

But Volkanovski had long eyed another shot at Makhachev ever since he was beaten in Perth earlier this year.

The Australian unleashed with a final-round barrage in that battle, prompting many to believe he had done enough to claim the belt.

If he wins later this month he will join Conor McGregor, Daniel Cormier and Henry Cejudo to hold belts in two separate weight divisions at the same time.

Makhachev has not fought since the February fight against Volkanovski and has a 24-1 record, with four knockouts. Volkanovski holds a 26-2 record with 13 knockouts.