Bodog‘s opening line put dos Santos as a -160, or 61%, favorite, but the line has since moved to -145, or 59%, based on bets on the fight.
Dos Santos (12-1) topped Roy Nelson in August for his sixth-straight UFC win, while Lesnar (5-2) dropped the title with a first-round TKO to Velasquez in October following four-straight wins.
With Velasquez sidelined at least six months, the UFC announced on Tuesday that dos Santos and Lesnar will coach on The Ultimate Fighter 13, which begins taping soon for a March 30 debut on Spike, before fighting at UFC 131, which is expected for June 11 in Vancouver.
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