Diaz has not fought since his rematch loss to Conor McGregor in 2016.
He was scheduled to take on Dustin Poirier at Madison Square Garden on November 3.
However, news broke late on Tuesday night that Poirier was out of the fight due to injury.
The injury, which is still undisclosed, forced him to withdraw from the bout.
UFC president Dana White confirmed to Lance P uglier? of The LA Times that Diaz would not face a replacement, and would instead be pulled from the card.
Fans were tipping Diaz – Poirier to be the best fight of the night, in the absence of a headline fight.
However, the organisation confirmed on Tuesday night that the headline fight would be two-weight-champ Daniel Cormier defending his UFC heavyweight title against Derrick Lewis.
Diaz did not seem too fussed to be pulled from the card.
Speaking to Ariel Helwani, he stated he wouldn’t wait around for Poirier.
“I’ll just fight Khabib [Nurmagomedov] when he’s ready,” he said.
Khabib mauled Conor McGregor on Saturday night in UFC 229’s main event, forcing the former champion to tap in the fourth round.
Nick Diaz, Nate’s brother, claimed his younger sibling could defeat Khabib, and branded the Russian’s style ‘boring’.
“You have to have a certain style to beat that type of wrestler on the ground,” Diaz said.
“I think my brother can beat him. I definitely know I can beat him.
“Two things people want out of mixed martial arts right now, it’s more me and less you.
“Puts on a boring fight. It’s just a dirty way of fighting, holding somebody, giving them little hits.”