UFC officials announced the news Sunday.
The Aug. 6 event has been plagued with injuries, particularly to 205-pound fighters. Phil Davis was forced out of a headlining fight against Rashad Evans due to a knee injury. Former champion Tito Ortiz stepped up to take his place on short notice.
But the injury to Nogueira, which was announced Saturday, finally left the promotion with no option but to pull Franklin from the card. A middleweight bout featuring Vitor Belfort and Yoshihiro Akiyama was promoted to the co-main event.
Brett Okamoto covers mixed martial arts for ESPN.com.