Jones won a unanimous decision at UFC 165 at the Air Canada Centre, but had his hands full with the aggressive Swede.
The UFC 178 rematch is set for Sept. 27 at the same arena.
"Jones vs Gustafsson is on!!!," tweeted UFC president Dana White.
"It's on!" Jones echoed via Twitter.
Jones (20-1) stopped Brazil's Glover Teixeira at UFC 165 last September, with a Gustafsson rematch next on the cards. But the champion did not look favourably on a date earlier this year to fight Gustafsson again and seemingly looked to a matchup with former heavyweight Daniel Cormier, who has been turning heads since dropping down to 205 pounds.
Gustafsson (16-2) is ranked No. 1 among light-heavyweight contenders while Cormier (15-0) is No. 2.
"I think Cormier is the tougher fighter, but the fans want to see me fight Gustafsson," Jones told ufc.com. "There was never an issue with taking the Gustafsson fight.
"The issue was that my brother is getting married in July and I would have preferred a later date. I didn't want to go this early and I would have preferred to go later in October or November. It is what it is. We have a date now, Sept 27th. This was a personal decision for me. I will be at my brother's wedding and have a proper training camp."
White said Jones will get his shot at Cormier if he beats Gustafsson.
Gustafsson looked impressive in knocking out Jimi Manuwa in March. Cormier is coming off a third-round submission of veteran Dan Henderson at UFC 173 in May.
Jones, ranked as the UFC's top pound-for-pound fighter, has defended his title seven times since dethroning Brazilian Mauriico (Shogun) Rua at UFC 128 in March 2011.
Jones also fought in Toronto at UFC 140, choking out Lyoto (The Dragon) Machida in December 2011.