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Woodley, 39, who has lost his last four fights in the UFC, called out Paul, 24, in April - but insisted that he wanted any fight to be under MMA regulations.
However, the pair will now go head-to-head later this summer in a boxing ring, with Paul confirming its date on social media on Tuesday afternoon, as confirmed by The Athletic last month.
Getting under the skin of just about everyone in both the boxing and MMA worlds, Paul has a record of 3-0 since becoming a professional fighter.
The Problem Child is also said to have recently signed a multi-fight deal with Showtime.
But how exactly do Paul and Woodley compare ahead of their proposed fight?
Jake Paul announced on his Instagram on Tuesday that he will be fighting Tyron Woodley on Saturday, 28 August.
In his post he wrote taunted the former MMA star and said: "Tyron's a seasoned striker who has fought the best MMA fighters in the world, but will be dropped by a Disney teen star in two rounds."
Following weeks of speculation, Paul and Woodley have reached an agreement for a fight that will take place on Showtime pay-per-view.
Sources close to the situation confirmed the news to MMA Fighting following an initial report from The Athletic's Mike Coppinger.
Sources: Jake Paul and former UFC welterweight champion Tyron Woodley have agreed to a deal for a boxing match. Jake recently signed a multi-fight deal with Showtime. Friday face-off in Miami planned to promote the event. Paul coming off first-round KO of Ben Askren
- Mike Coppinger (@MikeCoppinger) May 31, 2021
The fight is expected to become official later this week with a press conference that will feature Paul and Woodley facing off for the first time.
A date and location for the fight will also be announced at that time.
Ticket are yet to go on sale for the fight, but we will have all of the latest information surrounding prices and sale dates right here for you.
No other additional bouts have been announced for the fight card as of yet. We'll let you know as and when.
Betting odds in the UK have yet to be formalised, however, some firms in American are putting Paul as the favourite to win, probably given his boxing experience over Woodley.