A source close to the event confirmed the change with Heavy.com this afternoon.
UFC 117 takes place Aug. 7 at Oracle Arena in Oakland. The event is headlined by a much-anticipated middleweight championship bout between Anderson Silva and Chael Sonnen.
Davis is undefeated in his mixed martial arts career and 2-0 in his UFC campaign. He scored a one-sided unanimous decision against Brian Stann in his debut with the promotion at UFC 109 and followed up with a submission win over Alexander Gustaffson at UFC 112 in Abu Dhabi.
Wallace hasn’t tasted victory during his UFC tenure, losing to Stann at The Ultimate Finale 10 and to Jared Hamman at UFC 111. He’s facing a must-win situation in the Davis bout — a loss would likely see him cut from his UFC contract.