Khan will face US southpaw Luis Collazo ahead of Mayweather's match-up with Argentina's Marcos Maidana in Las Vegas.
The fight will be Khan's first moving up into the welterweight category and will in some ways be an audition for a big-money fight against Mayweather.
"My intention on May 3 is to make a statement that I belong on this big stage," Khan said. "A win on May 3 is what I need to prove that I truly am one of the best welterweights in the sport."
"I am very disappointed with Floyd and his team for not providing any explanation as to why he delayed the announcement for so long and ultimately avoided the fight with me," Khan tweeted in February. "It has been a very frustrating period as I had been due to fight in December."
Khan, 28-3 with 19 knockouts, has not fought since last April 27 and skipped a planned December bout with US southpaw Devon Alexander for the International Boxing Federation title in anticipation of a big-money showdown with Mayweather.
