Commey will face the three-weight phenom at the Madison Square Garden in New York City on Saturday, December 11.
Reports suggest Commey will earn $700,000 in addition to 50% of the money accrued from the pay-per-view (PPV).
Meanwhile, Lomachenko is also reportedly set to earn $750,000 in addition to 50% of the money accrued from the pay-per-view (PPV).
Commey, 34, had his last fight in February, when he defeated Jackson Marinez by way of knockout.
Meanwhile, Lomachenko last fought in June, as he dominated and stopped Masayoshi Nakatani in just nine rounds.
The winner of this bout is likely to be rewarded with the chance to challenge for the IBF lightweight title next year.
In 2019, Commey defeated Isa Chaniev to claim the vacant IBF lightweight title, before successfully defending his title against Ray Beltran in the same year.
He, however, lost the title to American boxer Teofimo Lopez in December 2019 following a technical knockout.
The high-rated Ghanaian has since been aiming to reclaim a world title and his latest bout gives him a shot at that.