The fight will take place December 7 from the Payne Arena in Hidalgo, Texas and air live on pay-per-view. It is expected to retain for $39.99.
Earlier this year, Ortiz and Del Rio, who now competes under the name Alberto El Patron, squared off against one another at a Combate Americas event. Del Rio has been an executive with Combate Americas, a MMA promotion, while Ortiz recently competed for Golden Boy MMA against long-time rival Chuck Liddell.
Ortiz, who once ruled the UFC's light heavyweight division, is 44 years old. He earned a win over Liddell and also topped Chael Sonnen in his final appearance for Bellator MMA. Del Rio, meanwhile, is 42 and once competed in MMA before turning his attention solely to pro wrestling.
Overall, Del Rio is 9-5 with seven wins via submission inside the cage. The bout with Ortiz is expected to take place under the Combate Americas banner.