MMA Fighting confirmed the news with Palaszewski's manager, Brian Butler of SuckerPunch Entertainment, Tuesday evening.
No word on when "Bartimus" will make his UFC debut just yet.
Palaszewski (35-14) lost his most recent fight at WEC 53 against Kamal Shalorus via split decision. The defeat marked his first in five fights. In the end, Palaszewski went 4-3 in WEC.
The 27-year-old holds notable wins over Anthony Pettis, Alex Karalexis and Ivan Menjivar.