The match-up will mark the first time in promotional history two “UFC Hall of Fame” athletes have squared off inside the Octagon.
The news of the showdown between icons was first reported by Sherdog.com.
Known as the “godfather of ground and pound”, Coleman scored a unanimous decision over Stephan Bonnar at UFC 100 in his last fight, while Couture was more recently victorious in a closely contested three-round affair with Brandon Vera at UFC 104.
The February 2010 event will actually be the second time the two 40-plus grapplers have competed against each other, as they once locked horns in a freestyle-wrestling tournament in 1989 which saw Coleman emerge the winner by a single point.
Other bouts rumored for UFC 109, also known as the “Super Bowl” show, include Anderson Silva defending his middleweight title against Vitor Belfort, as well as a showdown between 185-pounders Dan Miller and Demian Maia.