The Swedish 205-pounder beat out Canadian welterweight star Georges St-Pierre in the final round of fan voting.
The decision was announced Friday, just hours after St-Pierre announced he was giving up his title and stepping way from the sport to attend to his personal life.
St-Pierre and Gustafsson were the final two fighters standing from a list of 16 who started in the fan vote to see who would join Jones, ranked the UFC's top pound-for-pound fighter, on the cover.
EA said more than 11 million votes were cast with UFC champions Anthony Pettis, Ronda Rousey, Jose Aldo, Chris Weidman and Demetrious Johnson also falling by the wayside.
UFC president Dana White said Europe accounted for nearly 40 per cent of the web traffic to the cover vote site during the last week of voting.
Jones defeated No. 1 contender Gustafsson in an epic five-round encounter at UFC 165 in Toronto in September.
Jones (19-1) is slated to meet second-ranked Glover Teixeira at UFC 171 in March while Gustafsson (22-2) faces Jimi (Poster Boy) Manuwa on an earlier card in March.
"EA Sports UFC" will be available for the PlayStation 4 and Xbox One in the spring of 2014.