Wilder (39-0) was mooted as the next opponent for IBF and WBA belt-holder Anthony Joshua in a unification bout, but the Briton is closing in on a clash with WBO champion Joseph Parker.
Ortiz avoided a ban after the WBC found he had taken diuretics for high blood pressure, although he was fined.
The contest which will be promoted by Lou DiBella on behalf of Premier Boxing Champions will be televised by Showtime in the United States, is arguably one of the most anticipated bouts in the opening quarter of 2018.
November's original fight was postponed after Ortiz failed a drug test.
In taking the fight with fellow unbeaten fighter Ortiz, Wilder has accepted what is widely considered his greatest test yet.
Ortiz returned on December 8 for a second-round knockout of Daniel Martz in a tune-up fight and then went nose to nose with Wilder, who was at the fight, in the ring afterward. So for the best to prove they're the best, the best must fight each other. Be ready, I don't want no excuses. Luis Ortiz you will have your fight, I will bless you again.
"We are thrilled to welcome the heavyweight champ back to Barclays Center for his second-consecutive fight after a big first round knockout of Bermane Stiverne in our ring last November", said Brett Yormark, CEO of Brooklyn Sports & Entertainment.