UFC president Dana White announced the fight at a press conference on Saturday at UFC 173. The event will take place at The Venetian Macau.
Bisping (24-6) will look to rebound from a unanimous decision loss to Tim Kennedy in his last bout, at a UFC TUF Nations Finale in April. The 35-year-old has alternated wins and losses in his last six fights.
The British middleweight has fought in the UFC since 2006, but has never competed in a title fight.
"Bisping has been a guy who has wanted to get a title shot," White said. "Obviously, he needs to win this fight against Cung Le. It's a very important fight for him."