The quarter-final tie takes place outdoors from 15-17 July.
"Now we know the surface and venue, our preparations can go to the next level," said GB captain Leon Smith.
Serbia, winners in 2010, beat a GB side containing Andy Murray the last time they met in 2006, with Djokovic winning both his singles rubbers in a 3-2 win.
GB began this season's campaign with a 3-1 victory over Japan in Birmingham, while Serbia defeated Kazakhstan 3-2.
Great Britain will continue the defence of their Davis Cup title by facing Novak Djokovic's Serbia team on clay at the Tasmajdan Stadium in Belgrade.