Brian Magee moved up from super middleweight last year

Magee's promoter Dennis Hobson and the boxer's Irish backers won the purse bids for the bout on Wednesday and the contest will take place in Belfast.

Oakey won the title by stopping Steve Spartacus in 12 rounds last month.

No date has been confirmed although 24 August is a distinct possibility with the King's Hall the likely venue.

Oakey's promoter Frank Maloney had been hoping to outbid Magee's promoters and stage the fight in the English boxer's native Portsmouth.

However, Hobson, who promotes English star Ricky Hatton, helped ensure that the bout would take place in Belfast.

Oakey produced an impressive performance in his win over Spartacus, who had never been stopped previously.

However, Magee claimed a second-round stoppage win over Danny Thornton in Motherwell last Friday and his manager Pat Magee is confident that the Belfast man will claim the British title.

"We fully expect Brian to beat Oakey and to go on to greater things," added Pat Magee.

Magee will be a guest of Dennis Hobson at Ricky Hatton's non-title bout against Jose Luis Castillo in Las Vegas on 23 August.

The Belfast boxer previously moved up from super middleweight to light heavy after his bruising Commonwealth title defeat by Carl Froch last year.

Magee had previously held the lightly-regarded IBO super middleweight title before losing that belt against Robin Reid.

He also lost controversial split decision against Vitali Tsypko in a European title bout in Nuremberg in 2005.