The promotion announced the matchup on Tuesday. M-1 Challenge 68 takes place at Yubileyny Sports Palace in St. Petersburg, Russia, and is headlined by the M-1 middleweight grand prix final between Alexander Shlemenko and Ramazan Emeev.
Volkov, a former Bellator heavyweight champ, captured the M-1 Global title with a third-round triangle choke submission of Denis Smoldarev at M-1 Challenge 64 on Feb. 19. The 27-year-old Moscow native had previously dropped back-to-back fights to Cheick Kongo and Tony Johnson under the Bellator MMA banner.
Vegh enters the bout on a two-fight skid after dropping the Bellator 205-pound title to Emanuel Newton via split decision in March 2014 before losing another split verdict to Goran Reljic at KSW 31 last May. Prior to that, the 30-year-old Slovakian had won nine straight fights.