FiveOuncesofPain.com was recently made aware of the scrapping of the match-up through sources close to the situation.
The pair had previously been expected to slug it out during UFC on Versus, which is expected to take place from Broomfield, Colorado on March 21.
Stay tuned to 5 Oz. as we continue to keep you up to date on the still emerging details behind this breaking news.
Sherk has gone 1-2 in his last three bouts, dropping his most recent outing at the hands of Frankie Edgar via unanimous decision during UFC 98, while Guida has suffered defeats in his last two at the hands of Diego Sanchez and Kenny Florian.