Damon Martin of MMAWeekly reports that verbal agreements have already been made and there's nothing left to do but put pen to paper.
Edwards, who claims to be a master of "Thugjitsu" is coming off a decision loss to Ultimate Fighter winner, Tony Ferguson. He was scheduled to meet Donald "Cowboy" Cerrone, but was forced off the card with an arm injury.
The man who replaced Edwards was Stephens. Cerrone and Stephens engaged in a stand up battle of attrition with Cerrone coming out on top on the judge's scorecards. Despite the loss Stephens displayed great heart after taking a number of vicious leg kicks from "Cowboy."
Stephens will look to avoid losing his third consecutive fight inside the UFC and possibly finding himself on the chopping block.
The UFC on FX 5 card takes place on Oct. 5 and will be headlined by a heavyweight battle between undefeated Travis Browne and Brazilian jiu-jitsu black belt Antonio "Bigfoot" Silva. Also on the card is former Ultimate Fighter star Matt Mitrione and Ultimate Fighter winner, John Dodson.
A rematch between former light heavyweight title contender Phil Davis and talented Brazilian fighter Wagner Prado is also expected to go down.