The fight between the unbeaten Briton (30-0) and the experienced Ukrainian (33-1) is scheduled over 10 rounds.
Schenchenko, 36, halted Ricky Hatton's comeback in November last year, stopping the Hitman in the ninth round with a bodyshot. His only career defeat has been to American Paulie Malignaggi.
Brook's win over Carson Jones earlier this month took his unbeaten record to 30, with 20 inside the distance.
“It's a tough task but I'm very excited,” Brook told Sky Sports News. “Anyone who stops Ricky Hatton is a dangerous fighter and one that I will take very seriously, so I can't wait to get in there and train very hard to put on a good show for my fans in Sheffield.
"He's been a world champion, been there and done it, so he will be out to prove that he's worthy of another crack at being on top of the world.
“I really get up for it when I box in Sheffield, it'll be packed to the rafters and they are really passionate fans - so I can't wait to be back in my Arena, in a big fight that will take me closer to a world title shot.
"I’m on the doorstep of a world title and I'm ready to show I have what it takes to win it.”
Promoter Eddie Hearn said: "I'm delighted to make this fight and feel it's the perfect fight for Kell at this time.
"It's without doubt his sternest test yet and Senchenko brings credibility as a former world title holder and mass appeal after his KO win over Ricky Hatton.
"We are going to put on a special show in Sheffield and the atmosphere will be electric."
Brook is still the mandatory challenger to Devon Alexander's IBF welterweight strap, but has seen the fight rescheduled, postponed or cancelled three times due to injuries from both fighters.
Information on ticket prices and the undercard will be released towards the end of next week.
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