Cerrone will make his fourth trip inside the Octagon this year. The Greg Jackson product is riding a five-fight winning streak and scored his most notable UFC win over Charles Oliveira earlier this month. Cerrone is believed to be rising in the ranks of UFC lightweight contenders.
Siver has won four straight fights and has earned victories over George Sotiropoulos and Matt Wiman in 2011.
UFC 137 takes place Oct. 29 and is headlined by a welterweight title fight between Georges St-Pierre and Nick Diaz.