Tyson Fury will challenge heavyweight king Wladimir Klitschko on October 24 in Dusseldorf, Germany.
The two camps had been in negotiations for months before an agreement was finally reached on Monday.
The World Boxing Association recently made Fury their mandatory challenger for the Ukranian and called for purse bids, where relevant parties can bid to host the fight.
However with the clock ticking on an open bid, the Morecambe-based giant’s manager Mick Hennessy and Tom Loeffler, from Klitschko’s promoters K2, are reported to have struck a deal just minutes before the deadline.
Klitschko, 64-3 (53 KOs), hasn’t lost for 11 years and last time out in April he outboxed undefeated American Bryant Jennings over 12 rounds at Madison Square Garden in defence of his WBA, WBO, IBF and IBO world heavyweight titles.
Many believe however the unbeaten Fury will pose his stiffest test for some time.
The former British and European Champion, 24-0 (18 KOs), secured his mandatory status with the WBO with a convincing stoppage win over British rival Dereck Chisora back in November.
He has since also halted Christian Hammer in February with another impressive display before the WBA announced him as the number one contender for Klitschko’s title.
The encounter with Fury in western Germany will be his 19th defence in his second reign as world champion.
Fury tweeted after the news broke: “VivaDeutschland, I’m coming to rock your country in October be there or miss the best fight in heavyweight history, #letsgetthispartystarted”
Klitschko posted: “Done deal. Just before purse bid began we reached an agreement with the Fury camp. Looking forward to the fight on October 24th.”