The all-British clash will take place in late November or early December at a venue still to be confirmed at a press conference in the near future.
Froch added the WBA strap to his IBF belt when he beat Mikkel Kessler in a brilliant rematch at the O2 Arena in May, with unbeaten Groves, his mandatory challenger, collecting the vacant WBA Inter-Continental title on the bill with a fifth-round stoppage of Noe Gonzalez Alcoba.
“I’m excited the first defence of both my belts is a big domestic clash,” said Froch. “I am a proper fighter and a proper champion and I will always face my mandatory challenger rather than vacate the title.
“I’ve known George for a while, I’ve sparred with him and watched him grow and now he’s my mandatory – I will be pouring everything into my preparation for the fight and George will face the very best of me.
“It is better this way than a low-key overseas opponent as this fight will relight memories of some of the great all-British clashes and with world titles on the line it’s a really huge occasion and one that will grab the attention of British sports fans.”
Groves said: “This is the biggest fight of my career and being a world champion is something that I dreamed of as a kid.
“I’m well-ranked across all the governing bodies but fighting Carl is the one that I wanted the most.
“He is a big name in the UK and a well-respected champion around the world, and I have a great team around me that can put together the right game plan to beat him and become a world champion and a major force in the super middleweight division.”
“I’m delighted to have got this fight made,” said promoter Eddie Hearn. “It’s a great fight for British boxing with a real throwback feel to the big domestic fights in the super middleweight fights in the 90s.
“When George became the mandatory challenger, I knew there was no way Carl would relinquish the belt and no way that George would look anywhere else.
“This fight will grow and grow and fans can expect an exciting night and a packed undercard when full details of the fight are announced.”
Those details are now expected on Thursday, with Hearn confirming a major press conference for around noon via his official Twitter.