UFC president Dana White confirmed on Saturday the fight will take place on the Nov. 10 card in Macau, a territory of China.
Le (8-2) is fresh off a unanimous decision win over Patrick Cote on the main card of UFC 148 last month. The former Strikeforce champion is 1-1 in the UFC, with the loss coming via second-round TKO to Wanderlei Silva at UFC 139.
Franklin (29-6) just defeated Silva via unanimous decision at UFC 147 on June 23. A former UFC middleweight champion, the 37-year-old Franklin has expressed interest in booking fights that would move him closer to a title shot.
The middleweight headliner is the only confirmed fight so far on the November card.