UFC officials confirmed the news on Thursday.
Silva has been out of action since this past January when he defeated Nick Diaz by decision in the headliner of UFC 183. Prior to that, he suffered back-to-back losses to former titleholder Chris Weidman.
Bisping is currently riding a two-fight winning streak with decision wins over Thales Leites and C.B. Dollaway. His last loss was a submission defeat to current 185-pound champ Luke Rockhold late last year.
Bisping was initially set to face Gegard Mousasi in the evening’s co-feature. Promotion officials confirmed they are currently seeking a new opponent for Mousasi.