Brazilian website Globo.com first reported the bout.
One of the most highly touted fighters entering the UFC’s 125-pound division, Formiga (15-2) fell short in his promotional debut, losing by TKO to John Dodson.
He bounced back in may of this year, winning a unanimous decision over Chris Cariaso at UFC on FX 8 in Brazil.
Benavidez (18-3) was part of the UFC’s four-man flyweight championship tournament, defeating Yasuhiro Urushitani in the opening round, but losing to Johnson in the final.
He has since put together back-to-back victories over Ian McCall and Darren Uyenoyama.
UFC on Fox Sports 1 #3 was initially planned for Sept. 4 in Porto Alegre, Brazil. The event has faced an uphill battle in Porto Alegre, however, and may instead circle back to Belo Horizonte, where the promotion held UFC 147 a year ago.