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LOS ANGELES, United States (AFP) — Boxing legend Floyd Mayweather and mixed martial arts champion Conor McGregor -- the kingpins of their respective sports -- announced Wednesday they would fight on August 26 in Las Vegas.

The 40-year-old Mayweather announced the fight on his Instagram account with a graphic saying "IT'S OFFICIAL!!!" showing pictures of both fighters and listing Las Vegas as the location. McGregor sent out a tweet stating "THE FIGHT IS ON." He also included photos of the pair.

MMA promoter Dana White said the bout would take place at the T-Mobile Arena and it would be a boxing match at 154-pounds with 10 ounce gloves.

"We have been in negotiations for a while," White told American sports broadcaster ESPN. "The negotiations went smooth. Floyd Mayweather surrounds himself with smart people and we got the deal done."

McGregor is the top pay-per-view draw in UFC while Mayweather had been the moneyspinner in some of boxing's biggest bouts, including matchups with Filipino legend Manny Pacquiao and US star Oscar De La Hoya Mayweather earned $250 million for his fight against Pacquiao.

Neither Mayweather or McGregor have competed this year. Mayweather retired from pro boxing in 2015 after defeating Andre Berto, while McGregor (21-3) defeated Eddie Alvarez in November 2016.

White said the key to finalising the fight was luring Mayweather out of his 23-month retirement.

"Everybody is happy with this deal," White said. "Nobody is bummed out."

The boxing format heavily favours the undefeated Mayweather (49-0, 26 KOs) who many consider to be the best pound-for-pound fighter in the world.

McGregor, a 28-year-old Irishman, will be entering unknown territory as he has not stepped in a boxing ring since he was a teenager.

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