Frampton added the WBA super bantamweight strap to his own IBF belt by beating Scott Quigg in February, but will move up a division to face Santa Cruz.
Promoter Barry McGuigan said a date will be announced next week.
Meanwhile Cork fighter Gary ‘Spike’ O’Sullivan will make his return to the ring in the US in the summer.
The hard-hitting Mahon man will drop down to fight at light middleweight against an opponent who has yet to be named.
O’Sullivan has been out of action since his defeat to Chris Eubank Jr last December, only the second reversal of his career.