The Las Vegas Review Journal earlier reported the matchup on Tuesday. The pay-per-view event will be held at the MGM Grand Garden Arena.
Both Barnett and Browne are ranked in the top 10 in the division, Nos. 5 and 6, respectively, according to ESPN.com.
Barnett (33-6) is coming off a dominant first-round TKO win against Frank Mir at UFC 164 last month. He boasts a 10-1 record in his last 11 fights.
A 16-year veteran of martial arts, Barnett's appearance at UFC 164 marked his first in the UFC since 2002. He is a former heavyweight champion within the promotion. He won the heavyweight belt at UFC 36 in a TKO win over Randy Couture.
Browne (15-1-1) is looking to secure his first UFC title opportunity. The 31-year-old has posted back-to-back first-round stoppages, the most recent coming against Alistair Overeem via a highlight reel front kick.
A member of Jackson's Mixed Martial Arts Academy in Albuquerque, N.M., Browne's only loss came against Antonio Silva after he suffered a leg injury in the first round.