MMA Weekly is reporting that B.J. Penn plans to accept the August 8th bout with Kenny Florian. The fight would be the main event of UFC 101 which would take place in Philadelphia. 

According to the report Penn just received the fight contract this Friday and his camp plans on 'making this fight happen', while Florian has already signed the contract. 

This fight will technically be Penn's first lightweight title defense. Penn defeated Sean Sherk at UFC 84 to unite the interim lightweight championship and lightweight championship belts. Since then Penn has only fought once at UFC 94, where he lost  welterweight champion, George St. Pierre. This fight did breed the controversial 'grease-gate' allegations. 

Kenny Florian is the current number one contender at lightweight. The last time he fought was at UFC 91 where he defeated Joe Stevenson. Stevenson had previously lost to Penn in a bout to determine to interim lightweight champion.