MMA Fighting originally reported the possibility of the fight in the hours after UFC 125, though at the time, sources said the fight was not "not even close" to being finalized.
Now, White says it's a go for the growing mega-card in Toronto.
Couture last fought at UFC 118 in Boston, beating James Toney, but afterward, the 47-year-old seemed to indicate that he would look to bolster his acting resume as he looked towards the future and past MMA.
UFC 129 will be the promotion's maiden voyage to the recently sanctioned province of Ontario, and will take place at the massive Rogers Centre.
The event will host a welterweight championship fight between Georges St. Pierre and challenger Jake Shields, and might also have a featherweight title defense from champion Jose Aldo, if Mark Hominick could get past George Roop at the upcoming Jan. 22 UFC Fight for the Troops event.