Officials announced the bout on Tuesday. Condit was originally scheduled to fight Matt Brown last weekend in Sacramento, but Brown withdrew due to injury.
Condit (29-7) was then booked to the UFC 171 event in Dallas. On Saturday, UFC president Dana White attempted to lure Nick Diaz out of retirement with an offer to fight Condit, who he lost to in 2012, but Diaz declined.
A former No. 1 contender, Condit snapped a two-fight losing streak in August, knocking out Martin Kampmann in the fourth round at UFC Fight Night 27.
Woodley (12-2) has been calling for a high-profile bout since he knocked out Josh Koscheck in the first round of a one-sided contest last month. A former collegiate wrestler, Woodley is 2-1 since moving to the UFC from Strikeforce earlier this year.
A welterweight fight featuring Johny Hendricks and Robbie Lawler for the vacant UFC title is scheduled to headline the UFC 171 event. Longtime champion Georges St-Pierre released the belt last week after announcing he would take an indefinite leave of absence from the sport.