Baranchyk’s manager had been quoted as saying the World Boxing Super Series showdown at the Glasgow SSE Hydro would not take place, citing financial issues.
Howver, Baranchyk wrote on social media on Wednesday morning: “I look forward to fighting Taylor”.
The Edinburgh boxer replied: “Can’t wait to rip the belt off you and send you homeward to think again”.
The bout is the penultimate stage of a tournament to determine the new undisputed world super-lightweight champion.
There had been reports that Taylor’s fellow Scot, former world champion Ricky Burns, could take Baranchyk’s place - but Taylor’s trainer Shane McGuigan told Boxing Social that the 25-year-old would be stripped of his IBF title if he didn’t participate in Glasgow.
World number two Taylor has already knocked out American boxer Ryan Martin, while Baranchyk, ranked at No. 10, disposed of Sweden’s Anthony Yigit.
In the other semi-final, Baranchyk’s countryman Kiryl Relikh takes on highly-rated American and WBC interim champion Regis Prograis, who saw off Englishman Terry Flanagan in their quarter-final.