News of the bout was first reported by MMAJunkie.com, which states that both fighters have verbally agreed to the bout.
Cantwell (7-3) was originally slated to face Vladimir Matyushenko at UFC 108 in January, however, the Nevada State Athletic Commission didn't grant him a license to fight due to an issue with his medical paperwork. The still-unknown issue has since been resolved and the NSAC cleared Cantwell in May.
Cantwell opened his UFC career in an impressive fashion by scoring a first-round submission win over Razak Al-Hassan in his Octagon debut in Dec. 2008. He will likely be fighting to keep his job with the UFC, as he has since lost back-to-back fights inside the Octagon against Luiz Cane and, most recently, Brian Stann in their third match up at UFC Fight Night 19 in September.
Prior to joining the UFC, Cantwell went 3-1 in the UFC's sister promotion, WEC, scoring notable wins with the organization over Brian Stann and Tim McKenzie. He suffered his lone WEC loss against Stann in their first match up.
Nedkov most recently defeated Augustin Helgiu at BMMAF: "Warriors 13" on May 21. The Bulgarian fighter was originally set to make his Octagon debut against Rodney Wallace at next month's UFC 117 event, however, he was forced off the event with an undisclosed injury.
Nedkov has competed for other notable organizations such as Pancrese, Shooto Bulgaria and World Victory Road's Sengoku event series in Japan, where he put together a 2-0 mark, defeating UFC veterans Travis Wiuff and Kevin Randleman. He enters the UFC with an undefeated 11-0 MMA record, with stoppages coming in nine of his 11 victories.
The Spike TV-televised UFC 120 event is headlined by a middleweight bout between Michael Bisping and Yoshihiro Akiyama. In the co-main event, former UFC welterweight title contender Dan Hardy will face ex-WEC 170-lb champion Carlos Condit.