MMA Fighting confirmed the news Friday following an initial report by Al Zullino.
Murphy (11-0-1) is unbeaten over his four-fight UFC career but has been out of action since an October 2021 knockout win over Makwan Amirkhani.
A 31-year-old up-and-comer known as “The Miracle,” Murphy is perhaps best known for his harrowing backstory, which saw him shot twice in the face in a drive-by shooting in Manchester at age 21, only for him to spit out the bullets and survive after being transported by a friend to the hospital. The traumatic encounter led to his nickname.
A 29-year-old protege of UFC veteran Brad Pickett, Wood has won six of his eight total UFC appearances and was a Cage Warriors bantamweight champion prior to his octagon run.
UFC 286 takes place at the The O2 Arena in London.
A main event for the card has yet to be determined.
Mike Heck also contributed to this report.