Penn vs. Sanchez confirmed

After weeks of speculation, the fight is settled and so is the date.

UFC lightweight champion B.J. Penn will fight Diego Sanchez in the co-main event of UFC 107, which also features a battle between The Ultimate Fighter Season 10 coaches Quinton "Rampage" Jackson and Rashad Evans.

"B.J. is fighting Dec. 12," UFC president Dana White stated Thursday afternoon in a video blog on BJPenn.com.

White already confirmed the bout a week ago at the UFC 102 pre-fight press conference. At the time, he said there was a chance it would headline an as of yet unannounced third November event that would be neither a pay-per-view nor a Spike TV event, leading to speculation about the oft-rumored network television deal.

Whatever the reason, a third November event has yet to materialize.

White has frequently stated, "Once we get the right offer, we will be on network television." Apparently the right offer hasn't yet arrived, or at least not in time for November.

Penn (14-5-1) last fought at UFC 101 where he defeated challenger Kenny Florian, submitting him in the fourth round. The event was the promotion's first landing in Philadelphia.

Sanchez (21-2), the winner of the inaugural season of The Ultimate Fighter, last competed at The Ultimate Fighter Season 9 Finale, where he defeated the venerable Clay Guida by split decision.

UFC 107 is expected to take place at the FedEx Forum in Memphis, Tenn.