After months of laborious negotiations between rival promoters and opposing champions, the deal for a two-fight contract between Anthony Joshua and Tyson Fury to unify the heavyweight titles has finally been signed, Sky Sports reported Tuesday.

Eddie Hearn, Joshua's promoter, reportedly confirmed to Sky Sports and ESPN that the fight is on. "All parties have now put pen to paper and we'll be working hard over the next few weeks to confirm the site and date for the biggest fight in boxing."

The first fight is expected to take place in June or July this year, with Saudi Arabia on top spot to play host with both fighters, both from England, estimated to earn 100 million pounds ($138 million) each.

Other potential venues are being considered to host the slugfest, including China, Singapore, Qatar, Dubai, the U.S. and the UK.

Joshua holds the WBO, WBA and IBF heavyweight belts while Fury holds the WBC heavyweight title. The two have been circling each other for some time but have never met in the ring.

The winner will earn the bragging rights as the first undisputed heavyweight world champion since Lennox Lewis in 1999 after the WBO agreed to waive Joshua's compulsory responsibilities.

According to Hearn, "This is the biggest fight in boxing and one of the biggest sporting events in the world."

Tony Bellew said Joshua and Fury are getting close to Mike Tyson's level of superstardom and is the "biggest fight" this country has ever seen, the cruiserweight champion from England who held the WBC belt from 2016 to 2017, said in remarks quoted by TalkSPORT.

"Anthony Joshua's getting to that level of what Mike Tyson was, and Tyson Fury is slowly catching up behind him," Bellew said, adding "This is the biggest fight this country has ever seen."

Meanwhile, the fight between Floyd Mayweather and Manny Pacquiao on May 2, 2015 generated $600 million in total sales, making it the richest of all time.

Mayweather earned a whopping $180 million from that fight, while Pacquiao took home $140 million, according to reports.

The Joshua-Fury fight is expected to draw in decent figures, but the numbers set by the Mayweather-Pacquiao fight is almost impossible to beat considering the ongoing global health crisis.