MMAWeekly.com sources indicated that verbal agreements are in place for the bout.
Stephens (21-9) staved off a pink slip, bouncing back from three consecutive losses, by dropping down to the featherweight division. He won his 145-pound debut by defeating Estevan Payan by unanimous decision at UFC 160 in May.
Stephens had spent the previous five years of his UFC tenure bouncing back and forth between wins and losses. He hopes to find new life at featherweight, but faces a difficult next step.
Jason (13-3) lived up to expectations when he beat Godofredo Castro at UFC 147 last year to capture the featherweight title on the inaugural season of The Ultimate Fighter Brazil.
He has since won back-to-back bouts with victories of Sam Sicilia and Mike Wilkinson.
Check out the UFC Rumors section for more fight cards and rumored bouts.