The fight will come as the main-event of the upcoming UFC 147 event June 23rd.
Franklin got the nod to step in after Vitor Belfort suffered a broken hand during training.
The bout will be at an agreed catchweight of 190lbs according to UFC officials.
Franklin and Silva first met at UFC 99 back in June 2009 with Franklin coming out on top by way of unanimous decision.
The fight ended up with 'Fight Of The Night' honors.
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