Sources close to Playboy Magazine confirmed the pictorial to Ariel Helwani.
Palmer had last been seen in the UFC at July's UFC 132, but took some time off to move to California and attend art school.
After her sabbatical, in November, UFC president Dana White announced she would be back walking around the cage soon, and she returned at Saturday night's UFC 140.
Palmer will be the third UFC octagon girl to pose in the pages of the famed magazine, following Rachelle Leah and Arianny Celeste.
Palmer is expected to also have the honor of gracing the cover of the March issue.