Isaac Dogboe of Ghana and Jessel Mark Magsayo of the Philippines have till the end of January to agree on terms for a bout or purse bids will be called.
The featherweight fighters have until January 31 to agree on an eliminator contest.
The World Boxing Council has issued an order to decide the division's top contender, and the match specifics are likely to be released by the end of January.
"The WBC hereby orders the start of the free negotiations period pursuant to the WBC Rules and Regulations for the final eliminator between Isaac Dogboe and Mark Magsayo in the featherweight division.
If there is no agreement between parties, the WBC will conduct a purse offer on Tuesday, January 31 at the WBC headquarters in Mexico City under the WBC Purse Offer Procedures" WBC president Mauricio Sulaiman said.
If a deal is made, Dogboe will return to the ring for the first time since a split decision victory against Joet Gonzalez in July 2022.
Dogboe, a former WBO junior-featherweight champion, is up against Robeisy Ramirez, with the winner facing WBO featherweight champion Emmanuel Navarette.
Dogboe's two career losses were both against Mexican Navarette.