Schaub (8-2) was among the fastest-rising heavyweights until a first-round knockout loss to Antonio Rodrigo Nogueira on Aug. 27 halted his win streak at four.
Rothwell will carry a professional record of 31-8 into the bout. Since making his UFC debut on Oct. 24, 2009, Rothwell has registered just one win in three fights.
After a layoff that lasted for more than a year, Rothwell returned to action in September against Mark Hunt at UFC 135. Hunt defeated Rothwell by unanimous decision.
UFC 145 is slated to be held at Bell Centre in Montreal.
Franklin McNeil covers mixed martial arts and boxing for ESPN.com. Follow him on Twitter at www.twitter.com/Franklin_McNeil.