MMAWeekly.com sources on Tuesday confirmed the bout. It was initially reported by ESPN.com.
Elkins (16-3) recently had a five-fight winning streak disrupted by a buzz saw named Chad Mendes, losing via TKO in the first-round of their UFC on Fox 7 bout in San Jose, Calif.
He had been rocketing up the 145-pound ranks with a 5-0 record in the division before meeting Mendes. Elkins will be looking to Hioki to get back on track.
Hioki (26-6-2) is in a much different situation, his back against the wall after losing his last two fights. Hioki lost to Ricardo Lamas last summer then followed that with a loss to Clay Guida in January.
The former Shooto champion needs a win to ensure his roster spot.
Carlos Condit and Martin Kampmann headline the fight card in a rematch of their 2009 bout, which Kampmann won via split decision.