No, not at first. Most of your users are going to upload files smaller than 128M anyway and won't care about the limit. Don't show useless information to them. Don't make them think. I am sure your UI will benefit from having more free space.
However, do check the file size and inform the users of the limit when they try to upload a file that is too large: your error message should not be "Error: file too large", but "Error: this file is too large (140MB). The maximum size allowed is 128 MB".
Having your users figure out exactly by how much they have to make their file smaller by trial and error is a great way to drive them into a murderous rampage.