The Ukrainian great, 33, will take on the Ghanaian on December 11 in his first fight since beating Masayoshi Nakatani in June.
It will be Lomachenko's second fight back on the comeback trail after his first-career defeat at lightweight - a loss to Lopez Jr.
And the pair will battle it out in the Big Apple - two years after Commey lost via TKO to Lopez Jr at MSG in New York in 2019.
A source close to Lomachenko's camp confirmed to GIVEMESPORT that 'Hi-Tech' will be back in action before the end of the year following an initial report from ESPN.
Hailing from Bilhorod-Dnistrovskyi, Ukraine, Lomachenko, 33, is one of boxing's best pound for pound fighters and he has won world titles in three weight classes.
He boasts a record of 15 victories from 17 fights, while Commey enters the clash with a record of 27 wins and three defeats.
Speaking ahead of Anthony Joshua's fight vs. Oleksandr Usyk, the two-time Olympic gold medallist told iFL TV: "My next fight will be December 11 in New York, Madison Square Garden, with Richard Commey.
"Yeah of course I want rematch but nobody knows because today they are saying yes, tomorrow they are saying no, after tomorrow they are saying yes again, so we don't know.
"They have a fight, Lopez with [George] Kambosos, it's October, middle of October or beginning of October, and after that I think we will find out."
Lomachenko, who recently launched his very own fancy restaurant, was last seen in the ring in June when he beat Japanese star Nakatani by technical knockout.
And he still has his eyes firmly set on a rematch against Top Rank stablemate Lopez Jr.
But Lopez insists he has no interest in such a thing, saying: "Even the man himself said it, even Lomachenko said.
"He's fighting my leftovers, trying to redeem himself.
"It's cute that everyone thinks he's going to get me again.
"The way I look at it now? We're past that. We're looking at bigger and better things, like Josh Taylor.
"There will be no rematch.
"Had I lost, they would have never given me the opportunity, so I'm not doing it."
This article will be updated.News Now - Sport News