The long-awaited boxing match is going down in August. Graphic illustration by Michael Meredith. /CBS SPORTS

Report: Floyd Mayweather, Conor McGregor finalize fight for Aug. 26 in Las Vegas

(CBS SPORTS) It’s happening.

Undefeated boxer Floyd Mayweather will come out of retirement to battle UFC lightweight champion Conor McGregor in a boxing match on Aug. 26, according to Yahoo Sports’ Kevin Iole. The bout will be held in Las Vegas at either the MGM Grand Garden or T-Mobile Arena.

After just under two years of smack talk between the two, Mayweather and McGregor coming to an agreement to finalize this fight is a massive development. McGregor’s side has supposedly been done for weeks with UFC president Dana White saying as much in the press. Speculation has the two fighters earning approximately $175 million combined for the bout.

No conformation has been provided at this time from Mayweather Promotions, UFC, Showtime or the fighters.

Mayweather (49-0 boxing, 26 KOs) has not fought since 2015 when he defeated Andre Berto, while McGregor (21-3 UFC, 18 KOs) won the UFC lightweight championship with a second-round knockout of Eddie Alvarez in November 2016.

The mixed martial artist will be competing in his first professional boxing match when he steps into the ring with Mayweather.