Anthony Joshua and Tyson Fury agree £200m two-fight deal, with Saudi Arabia favourite to host first

Promoter Hearn: 'This is the biggest fight in boxing and one of the biggest sporting events in the world'

Tyson Fury knocks down Deontay Wilder during their rematch in Las Vegas in February 2020.

Tyson Fury celebrates defeating Deontay Wilder to win the WBC World Heavyweight Championship at the Garden Arena in Las Vegas.

Tyson Fury celebrates with the belts after winning the fight.

Tyson Fury knocks down Deontay Wilder in the fifth round.

Tyson Fury knocks down Deontay Wilder.

Tyson Fury celebrates after knocking down Deontay Wilder.

Tyson Fury watches Deontay Wilder hit the canvas.

Tyson Fury knocks down Deontay Wilder.

Tyson Fury in action against Deontay Wilder.

Tyson Fury at the end of the first round.

Tyson Fury and Deontay Wilder in the first round.

Deontay Wilder enters the ring.

Tyson Fury arrives in the arena.

Tyson Fury makes his entrance.

Former Heavyweight Champions Mike Tyson, Lennox Lewis and Evander Holyfield.

Former heavyweight champions Mike Tyson and Lennox Lewis in the ring.

Former heavyweight champion Mike Tyson before the fight.

NFL player Patrick Mahomes attends the WBC heavyweight title bout between Deontay Wilder and Tyson Fury at MGM Grand Garden Arena.

Boxing Hall of Fame member Mike Tyson attends the WBC heavyweight title bout between Deontay Wilder and Tyson Fury at MGM Grand Garden Arena.

Philadelphia Eagles offensive lineman Lane Johnson attends the WBC heavyweight title bout between Deontay Wilder and Tyson Fury at MGM Grand Garden Arena.

Former NFL player Chad Ochocinco Johnson.

Boxing Hall of Fame member Thomas Hearns attends the WBC heavyweight title bout between Deontay Wilder and Tyson Fury at MGM Grand Garden Arena.

NBA Hall of Fame member Magic Johnson attends the WBC heavyweight title bout between Deontay Wilder and Tyson Fury at MGM Grand Garden Arena.

Las Vegas Raiders owner Mark Davis and head coach John Gruden.

Anthony Joshua and Tyson Fury have signed a lucrative two-fight deal worth a reported £200 million ($277.2m), with Saudi Arabia favourite to host the first bout this summer.

The two heavyweight world champions agreed terms in principle last year but have now put pen to paper after contracts were finalised over the weekend.

ESPN reported that a Provision of Services agreement had been signed by both fighters and their respective camps, meaning they can now listen to offers from prospective sites.

"We'd like to get a site deal confirmed in the next month," said Eddie Hearn, managing director of Matchroom Sport, Joshua's promoter, told ESPN. "The hard part is always getting everybody to put pen to paper. But this was a major effort from all parties to get this over the line. You had rival promoters, rival networks and rival fighters."

The first fight is expected to take place in June or July with Saudi Arabia in pole position to play host with both fighters set to earn £100m.

"This is the biggest fight in boxing and one of the biggest sporting events in the world," Hearn said. "It will be a major, major win for a country that wants to showcase itself."

While British boxing fans will be begging to have the fight staged on home soil, Saudi Arabia made clear to both camps their intention to stage what would be the biggest British heavyweight fight in history.

Joshua, 31, has fond memories of fighting in the Kingdom. He avenged his defeat to Andy Ruiz Jr when the pair met at Diriyah in December 2019 for a fight dubbed "Clash on the Dunes", winning via unanimous decision to reclaim the belts he dropped to the American-Mexican six month previous.

Joshua holds the WBA (Super), IBF, WBO, and IBO heavyweight belts while Fury, 32, is the WBC champion.

The winner will be crowned the first undisputed heavyweight world champion since Lennox Lewis in 1999 after the WBO agreed to waive Joshua's mandatory responsibilities.

The boxing world has been desperate to see its two finest heavyweight face off since Fury pulled off a sensational stoppage of the previously unbeaten Deontay Wilder last February.

But an all-British clash was initially dependent on Fury beating Wilder again in their trilogy fight - and Joshua seeing off the challenge of Kubrat Pulev.

However, the coronavirus pandemic put paid to a host of high-profile bouts due to travel restrictions.