Price, 33, is back in position to contest a recognised belt after being reinstated to the rankings on the back of two victories in 2016.
The former Olympic medallist insists he is thrilled at the prospect of fighting on the new pay per view channel ITV Box Office on February 4.
“To be able to do that on an ITV channel, a broadcaster which has such a rich history of live sport, is a dream come true,” said Price.
Hammer countered by saying: “This fight makes a lot of sense and I have a great deal of respect for David Price, he has power in both hands.
“When I beat Price I’ll be back in the big picture and I can’t wait for fight night. This is my opportunity to show the UK how good I am.”
Price’s promoters at Sauerland said: “It’s great to work with ITV on this ground-breaking new venture and to be part of a fantastic show.
“I’m delighted to be working with Richard Poxon, his team at Poxon Sports and ITV. The fans on TV and there in person will witness a brilliant night of boxing.”
The headliner features Eubank Jr. challenging Australian Quinlan for the IBO super-middleweight belt at the Olympia in Kensington.