Conor McGregor, Floyd Mayweather Fight Set For Aug. 26 In Las Vegas

PHILADELPHIA (CBS/AP)—Floyd Mayweather is coming out of retirement and taking on UFC champion Conor McGregor, according to Yahoo Sports' Kevin Iole.

Rumors have been circulating about the fight for months.

Mayweather, 40, who retired in September 2015 after winning all 49 of his pro fights, will face a mixed martial arts fighter who has never been in a scheduled 12-round fight at the MGM Grand arena. The fight that will take place in a boxing ring and be governed by boxing rules.

Iole says the terms of the deal were not yet available, but sources say the Nevada Athletic Commission approved the request from Mayweather Promotions to put on a boxing card on Aug. 26 at the MGM Grand.

The event will be televised by Showtime pay-per-view and promoted by Mayweather Promotions.

Iole says the fight is expected to be held at either the MGM Grand or T-Mobile Arena.

"The fight is on," said 28-year-old McGregor on Twitter.

McGregor, is 21-3 in UFC fights, and is coming off a win in November against Eddie Alvarez in which he became the promotion's first two-division champion. Though he hasn't boxed professionally, McGregor did box while growing up and is known for his striking expertise in UFC.

"The impossible deal is now happening," UFC chief Dana White said on ESPN.

"It's official," Mayweather said on his Instagram account next to a video poster of both fighters.

Oddsmakers immediately made Mayweather a big 11-1 favorite in a fight that will take place in a boxing ring and be governed by boxing rules. It will take place at 154 pounds.