Fury, 37, announced his retirement early last year, but had hinted at a comeback before confirming this month he would come out of retirement for his first fight since losing to Oleksandr Usyk in December 2024.
The venue for the bout will be announced later.
"Excited to be back. Heart's always been and always will be in boxing. Someone go tell the king that the ace is back," Fury said.
Makhmudov, a Russian based in Canada, strengthened his credentials by dominating Britain's Dave Allen in his most recent fight.
"I am thrilled about the opportunity," Makhmudov said. "I'm coming to deliver a war. Tyson Fury has been a big champion. I will be more ready than ever to leave with a massive W."
