UFC officials on Tuesday night announced the bout.
Both men have fought twice in the Octagon, and both are 1-1 during their respective UFC tenures.
Gaudinot (6-2) – who made his way to the UFC via the fourteenth season of The Ultimate Fighter – lost to Johnny Bedford at the TUF 14 Finale, but rebounded by submitting John Lineker at UFC on Fox 3 last May.
He was anticipating a return last fall, but was sidelined due to injury.
Elliott (9-3-1) also lost his first bout in the Octagon, to John Dodson at UFC on Fox 3. He got on track with a win over Jared Papazian at the TUF 16 Finale in December.
UFC lightweight champion Benson Henderson headlines the card, putting his belt on the line against TJ Grant.