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Gaethje, Chandler put on fight of the year candidate (0:33)

The main card will feature a three-round battle between Gaethje and Chandler. (0:33)

3:55 PM ET

The lightweight bout between Michael Chandler and Tony Ferguson will take place on May 7 in Phoenix.

According to sources, the bout agreements have not been sent out and nothing has been signed.

6 in the world at lightweight, according to ESPN. Ferguson was a UFC interim lightweight champion.

Since winning his UFC debut against Dan Hooker at UFC 257 in January of 2021, Chandler has dropped two fights in a row. The Missouri native has only lost to two people in the UFC. A major free-agent signing for UFC in 2020 was former Bellator lightweight champion and three-time champion, Chandler.

Ferguson is on a three-fight losing streak. Prior to this current skid, the California native was on a 12-fight winning streak, which was the longest ever in UFC's 155-pound division. One of the most exciting fighters in the UFC is Ferguson, who has six fight of the night bonuses.

There will be a lightweight title fight between Gaethje and Oliveira.