Taylor will meet Connor over 10 rounds on the undercard of the Dillon Whyte and Joe Parker heavyweight clash on July 28.
Connor, aged 37, has won 13, lost three and drawn two of her 18 outings in a career which has seen her fight only 11 times over the last eight years.
The Texas-born orthodox, who lives in Little Rock, Arkansas, dropped a points decision in an IBF tilt versus Argentina’s Victoria Bustos last year.
Taylor beat Bustos to claim the belt in New York in April.
Connor outpointed Jasmine Clarkson, who was stopped by Taylor, in her last fight in July, 2017.
“Irish sensation Katie Taylor returns to The O2 to defend her WBA and IBF world titles against mandatory challenger Kimberly Connor,” enthused Taylor’s promoter Eddie Hearn.
Describing the American as the “mandatory”, will, given her almost year-long period of inactivity, raise eyebrows but she is ranked 4 by WBA and 3 by the IBF.
Unbeaten Taylor, who will be aiming to move into double figures in her 10th pro fight and her second outing at the O2, was expected to put her belts on the line against Rose Volante this summer.
DelFine Persoon and Heather Hardy have also been linked with fights with Taylor who is scheduled to box in New York on September 22.