The highly anticipated fight between Floyd Mayweather Jr. and Conor McGregor is now official.

The fight will take place on the 26th of August, 2017, at the T-Mobile arena on the Las Vegas Strip in Nevada.

“They asked for this fight. I was in retirement, but they wanted me back and I’m back,” Mayweather said while officially confirming the fight.

Mayweather added: “McGregor is a tough competitor. People all around the world demanded this fight so I had to give them what they wanted to see.”

ALSO: Date set for Floyd Mayweather Jr. boxing fight

It will be 40-year old Mayweather’s first fight since beating Andre Berto in September 2015.

“He’s very happy, I’m very happy and I can’t wait,” added Mayweather, who would not disclose how much each fighter was set to earn.

“You’re supposed to stand behind your man. Stand behind the fighter that you believe in.”

Speculation however is that both fighters could pocket over $100 million each from the bout.

A win for Mayweather would move him ahead of former heavyweight great Rocky Marciano, who also retired with a perfect 49-0 career record.

The fight will be held under boxing rules, presenting a huge challenge for mixed martial artists McGregor as he faces off against one of the greatest defensive boxers in history.

Adding to McGregor’s challenge, the fighters will be using 10-ounce boxing gloves instead of the smaller UFC gloves and he will not be allowed to use the leg kicks or takedowns that are used in mixed martial arts.

Not everybody is excited about the fight though, such as former boxing champion Ricky Hatton.

“I can’t get my head around why the best pound-for-pound fighter in the world and arguably the greatest of all time is fighting someone who has never had a boxing match in his life,” Hatton told BBC Radio 5 live’s Sportsweek.

“Look at the people Floyd Mayweather has beaten – Saul Alvarez couldn’t lay a glove on him, Oscar de la Hoya couldn’t sort him out – even me, I couldn’t sort him out.

“It’s going to be great entertainment, that’s the most complimentary thing I can say about it.”