Budd, 34, took a majority decision in the first encounter at Bellator 162 in October 2016 en route to becoming Bellator’s first featherweight champion with a TKO stoppage over Marloes Coenen at Bellator 174 in March. She hasn’t lost since being stopped by Ronda Rousey in 2011, a span of eight contests.
Blencowe, 34, is on a three-fight win streak, eking a split-decision over Sinead Kavanagh in her last bout.
The co-main event consists of middleweights Chris Honeycutt (10-1-0) taking on unbeaten Rafael Lovato Jr. (6-0-0).
The event will be broadcast Dec. 1 from the Winstar Casino and Resort on SPIKE TV starting at 9 p.m. ET/8 p.m. CT with preliminary fights being streamed on Bellator.com.
More bouts are expected to be announced.