UFC 148 will take place July 7th at the MGM Grand Garden Arena in Las Vegas, Nevada.
Franklin, 37, last fought at UFC 126 in February of last year, losing a decision to former UFC light heavyweight champion Forrest Griffin. The Ohio native was originally scheduled to face Antonio Rogerio Nogueira at UFC 133 in August of 2011, but was forced to withdraw due to a torn labrum.
Franklin's return against Le marks his first fight at middleweight since defeating Travis Lutter at UFC 83 in April of 2008. However, the former middleweight champion fought two catchweight bouts of 195 pounds in 2009 against Wanderlei Silva and Vitor Belfort.
Le, 39, is still looking for his first UFC win in what will be his second fight inside the Octagon. The former Strikeforce champion faced Wanderlei Silva at UFC 139, losing in the third round by TKO due to strikes.