The televised event will take place at Tingley Coliseum, which is a short drive from Sanchez's home base at Jackson's MMA. The Albuquerque Journal reported on the bout earlier Friday.
Sanchez (24-7) remains one of the most popular fighters on the UFC roster, despite a 1-3 record in his last four fights. This will mark his 21st UFC fight, which will move him into a tie for the ninth most in UFC history.
The 32-year-old lightweight is coming off a unanimous decision loss to Myles Jury at UFC 171 this month. After the fight, Sanchez said he had suffered from food poisoning the week of the bout.
Pearson (15-6) was scheduled to fight Melvin Guillard at a UFC Fight Night card this month but withdrew due to knee injury. He hasn't fought since October, when a fight between he and Guillard ended in a no-contest due to an accidental illegal knee.