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Published 09:22 16 Nov 2018 GMT
Updated 09:23 16 Nov 2018 GMT
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Diaz has not tasted victory in over seven years, having last come out on top against BJ Penn in 2011. His three most recent outings - against Anderson Silva, Georges St-Pierre and Carlos Condit - have all resulted in unanimous decision defeats although the Silva fight ended up being overturned to a No Contest.
Masvidal, meanwhile, will hope to break his two-fight losing streak when he shares the Octagon with Diaz. 'Gamebred' is ranked ninth in the welterweight division and represents a tough test for the popular Stockton fighter.
Straight Blast Gym welterweight Gunnar Nelson was also offered to Masvidal but Diaz was always going to be his preferred opponent.
"That wasn't a fight that even interested me," Masvidal said. "Is Gunnar the highest guy I can fight right now? They offered me Nick Diaz. Who would you rather fight between them? These guys get their feelings hurt and think I'm ducking them -- who the fuck is ducking Gunnar Nelson?"Former UFC fighter dies aged 38 in prison
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