Oakey's opponent for the vacant title is now likely to be Belfast's former Commonwealth champion Brian Magee.
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He became the first man to stop Belfast's Brian Magee last month but suffered the injury during the fight.
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He is currently ranked number four in Britain behind the trio of Joe Calzaghe, Carl Froch and Brian Magee.
BBC: Dodson poised for title defence
Froch is back to full fitness after fracturing his hand in his last fight, an 11th-round knockout win over Brian Magee.
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"It's going to take a special, special fighter to take it from me and no disrespect but Brian Magee isn't that fighter, " said Oakey.
BBC: Oakey confident for Magee bout
The board have ruled that Oakey's first defence must be against Brian Magee, the number one light heavyweight contender from Belfast, before the end of October.
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"We fully expect Brian to beat Oakey and to go on to greater things, " added Pat Magee.
BBC: Magee to fight Oakey in Belfast
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