Thirty-year-old Bellew will come up against the Malawian at Liverpool's Echo Arena on Saturday, March 30 for the right to take on champion Chad Dawson.
"It's a massive night and a really tough opponent for the right to fight for the big one," said Bellew. "Isaac is a top class opponent. He beat Miranda at late notice and has only one defeat on his record from five years ago, so he'll be well up for this and he's in good form.
"But I'm on the edge of a world title fight and I've worked too hard to give it away now. It's a great card on show for the Liverpool fans and I am sure they will turn out in force on March 30."
Chilemba is currently ranked at number five in the WBC.