The contest, which will not serve as the main event, is expected to produce the next No. 1 heavyweight contender. UFC officials announced the matchup on Monday.
Werdum (17-5-1) was set to face UFC titleholder Cain Velasquez, but his path to the title was extended when the champion suffered a shoulder injury. Velasquez is expected to return in the second half of 2014.
A former world champion Brazilian jiu-jitsu practitioner, Werdum is coming off one of the highlights of his 11-year fighting career -- a second-round submission over Antonio Rodrigo Nogueira in June.
Browne (16-1-1) is fresh off a monster campaign in 2013 that saw him post three consecutive first-round finishes over veteran opponents, including Josh Barnett, Alistair Overeem and Gabriel Gonzaga. The 31-year-old Hawaiian's only loss came at the hands of Antonio Silva in October 2012, when he was crippled by a hamstring injury in the first round.
Additionally, UFC officials announced a female bantamweight fight between Miesha Tate and Liz Carmouche for the event. Tate (13-5) and Carmouche (9-4) each have fought for the UFC title and suffered the same fate -- an armbar submission loss to undefeated champion Ronda Rousey.