Anthony Joshua and Tyson Fury have signed a lucrative two-fight deal worth a reported £200 million ($277.2m), with Saudi Arabia favourite to host the first bout this summer.
The two heavyweight world champions agreed terms in principle last year but have now put pen to paper after contracts were finalised over the weekend.
ESPN reported that a Provision of Services agreement had been signed by both fighters and their respective camps, meaning they can now listen to offers from prospective sites.
"We'd like to get a site deal confirmed in the next month," said Eddie Hearn, managing director of Matchroom Sport, Joshua's promoter, told ESPN. "The hard part is always getting everybody to put pen to paper. But this was a major effort from all parties to get this over the line. You had rival promoters, rival networks and rival fighters."
The first fight is expected to take place in June or July with Saudi Arabia in pole position to play host with both fighters set to earn £100m.
"This is the biggest fight in boxing and one of the biggest sporting events in the world," Hearn said. "It will be a major, major win for a country that wants to showcase itself."
While British boxing fans will be begging to have the fight staged on home soil, Saudi Arabia made clear to both camps their intention to stage what would be the biggest British heavyweight fight in history.
Joshua, 31, has fond memories of fighting in the Kingdom. He avenged his defeat to Andy Ruiz Jr when the pair met at Diriyah in December 2019 for a fight dubbed "Clash on the Dunes", winning via unanimous decision to reclaim the belts he dropped to the American-Mexican six month previous.
Joshua holds the WBA (Super), IBF, WBO, and IBO heavyweight belts while Fury, 32, is the WBC champion.
The winner will be crowned the first undisputed heavyweight world champion since Lennox Lewis in 1999 after the WBO agreed to waive Joshua's mandatory responsibilities.
The boxing world has been desperate to see its two finest heavyweight face off since Fury pulled off a sensational stoppage of the previously unbeaten Deontay Wilder last February.
But an all-British clash was initially dependent on Fury beating Wilder again in their trilogy fight - and Joshua seeing off the challenge of Kubrat Pulev.
However, the coronavirus pandemic put paid to a host of high-profile bouts due to travel restrictions.
