2012 Olympic bronze medallist Conlan has signed professional terms with the American-based promoter Top Rank.
Colorado native Ibarra, 26, has lost four of his nine pro bouts - including three defeats in his last five fights.
Katie Taylor boxes in New York the next day on the undercard of Gennady Golovkin's contest with Daniel Jacobs.
Meanwhile, Carl Frampton has been named as Ring magazine's 2016 fighter of the year.
The Belfast boxer, 29, wins the award after a year that saw him defeat the previously unbeaten Leo Santa Cruz to win the WBA featherweight title.
That meant Frampton became the first Northern Ireland fighter to win world titles at two weights.
Frampton's contest with Santa Cruz was rated as a classic and the duo have a rematch in Las Vegas on 28 January.
Prior to his New York victory over Santa Cruz, Frampton defeated England's Scott Quigg on points in their world super-bantamweight title unification bout.
The Belfast fighter edged out Terence Crawford, Roman Gonzalez, Vasyl Lomachenko and Manny Pacquiao for the Ring award.
Michael Conlan will fight little-known American Tim Ibarra in his first professional bout at New York's Madison Square Garden Theater on 17 March.