It’s happening.

UFC lightweight champion Conor McGregor and unbeaten boxer Floyd Mayweather have agreed to meet in the boxing ring.

Mayweather and McGregor will meet on Aug. 26 at the T-Mobile Arena in Las Vegas. The fight will take place at 154 pounds and both fighters will wear 10-ounce gloves.

Mayweather posted a video promoting the fight on his official Instagram page.

McGregor tweeted, ‘THE FIGHT IS ON.’ along with photos of himself and Mayweather’s father, part of an ongoing joke regarding Mayweather’s age.

“Ever since we sat down and seriously started talking, it’s been one of the smoothest deals we’ve ever done,” UFC president Dana White said Wednesday. “I thought it would be an impossible deal to do, but it was the right fight at the right place at the right time, and we got it done.”

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Production will be handled by Showtime, which has an exclusive deal with Mayweather Promotions, although the UFC will produce some of its own promotional material ahead of the mega-fight. A pay-per-view price has not been set, but White indicated it would cost more than the typical $50-$60 for most boxing and MMA events.

“We’re not only drawing from the universe of boxing and the universe of MMA, we’ve actually tapped into the audience that doesn’t follow either sport,” said Stephen Espinoza, Showtime Sports Executive Vice President & General Manager. “This is such an unprecedented event, such a spectacle that all the sudden, people who have never really been interested in either MMA or boxing are interested in this event due to the nature of the competition and the nature of these two personalities.”

Mayweather (49-0) hasn’t fought since beating Andre Berto on Sept. 12, 2015. Earlier that year, on May 2, he beat Manny Pacquiao in what was the biggest pay-per-view event in history, eclipsing more than 4.4 million buys.

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“This is a fight that Floyd is taking very, very seriously,” said Leonard Ellerbe, CEO of Mayweather Promotions. “One thing about Conor McGregor we do know is you’ve gotta pay him very, very close attention because when he touches people, they fall down.”

McGregor (21-3) won the UFC lightweight title last November at Madison Square Garden. MMA’s biggest star, McGregor helped set a UFC record for a live gate at $17.7 million along with the record for biggest audience for a sporting event at Madison Square Garden with 20,427.

“Is he at the level of Floyd Mayweather as far as boxing standards go? No,” White said of McGregor. “But the kid, first of all, is a southpaw and Floyd, traditionally, if you want to say there’s ever been a kink in the armor it’s with southpaws. And Conor McGregor is an abolute knockout artist. When he hits you, you go.”

White said there is language in the bout agreement that would penalize McGregor if he used MMA kicks or other illegal strikes in the match.

“The lawsuit if that ever happened, Conor likes money and he would part with a lot of money if that ever happened, so that will not happen,” White said.

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The Irishman is Forbes’ 24th highest-paid athlete of 2017, making $34 million off fights with Nate Diaz and Eddie Alvarez, as well as endorsements. Mayweather was the 16th highest-paid athlete of 2016 at $44 million, but retirement forced him off the 2017 list.

After his fight with Mayweather, McGregor plans to compete once more this year, White said.

“He is absolutely 100-percent positive that he wins this fight,” White said of McGregor. “I stopped doubting Conor McGregor a long time ago.”