UFC president Dana White broke the news at the UFC on Fox post-fight press conference in Los Angles.
The former middleweight champion was scheduled to fight Le at UFC 148 but Franklin was pulled from the fight and placed in the main event at UFC 147.
Franklin, 37, recently came back from a 16-month layoff to defeat Wanderlei Silva in the main event at UFC 147. It was Franklin’s first win since defeating Chuck Liddell in June 2010.
The event will mark the 12th time that Franklin has headlined a UFC event. Franklin is 7-4 in those fights.
Le, who is from South Vietnam, picked up his first UFC win at UFC 148 when he defeated Patrick Cote by decision.
If the fight takes place, it will be the first time the former Strikeforce champion has fought twice in a calendar year since 2007.
The event will mark the first time the UFC has ever held event in China. No other fights at this time have been announced for the card.