Brunson on Saturday confirmed the bout first reported by MMAJunkie.com.
Brunson and Larkin are both former Strikeforce fighters still trying to gain a foothold in the Octagon.
Losing to Yoel Romero in his last fight put a damper on Brunson (11-3) having won his first two UFC bouts. Those victories were over Chris Leben and Brian Houston, but Brunson is now in need of a win to try and shift momentum back in his favor.
Larkin (14-3) is in more dire straights than Brunson. Having fought four times in the Octagon, Larkin has lost three of those bouts, including recent back-to-back losses to Brad Tavares and Costas Philippou. Another loss would put him on thin ice at best, and out of the UFC at worst.
UFC featherweight champion Jose Aldo puts his belt on the line against Chad Mendes for the second time in the UFC 176 main event on pay-per-view.