UFC officials announced the news on Wednesday.
Due to the short notice nature of Oliynyk's injury, UFC on FOX 10 will continue as presently constructed as an 11-fight card.
Oliynyk, a veteran of the sport since 1997, hoped to extend his current nine-fight winning streak, which is punctuated by recent victories over Jeff Monson, Dion Staring and Mirko "Cro Cop" Filipović.
Meanwhile Rosholt, a former NCAA wrestling standout, looked to string together back-to-back UFC wins after earning a unanimous decision victory over Walt Harris in his late-November UFC debut.
UFC on FOX 10 takes place January 25, 2014 at the United Center in Chicago, Illinois. An updated fight card can be found below.