Figueiredo's manager, Wallid Ismail, confirmed the news to Raimondi and also said the fight is not officially off. The fighter's team believes the test was a false positive, and he will be undergoing another test Saturday.
Figueiredo previously tested positive for COVID-19 in May.
Per Raimondi, if Figueiredo isn't cleared to fight, then either Alexandre Pantoja or Askar Askarov could step in as a replacement. The two featherweights are scheduled to fight each other July 18 as well.
Figueiredo vs. Benavidez is slated to headline an event on UFC's Fight Island, which is located in Yas Island in Abu Dhabi, United Arab Emirates.
Multiple fighters have had to pull out of events due to positive COVID-19 test results, with welterweight Gilbert Burns notably doing so prior to his scheduled bout with Kamaru Usman for the title belt.
Jorge Masvidal is taking his place for the fight, which will headline UFC 251 on Fight Island on Saturday.
The UFC has still been able to hold events consistently since May, however, with events occurring in Jacksonville (Florida), Las Vegas and now Yas Island.
If Figueiredo vs. Benavidez stays on the card, then it will be a rematch of their Feb. 29 bout, which Figueiredo won by second-round TKO. That fight was also for the vacant flyweight title, but because Figueiredo missed weight before the event, he was ineligible to win the belt.