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The 54-year-old legend retired from boxing in 2005 after sustaining back-to-back defeats against Danny Williams and Kevin McBride.
But Tyson previously confirmed plans to return to the sport as part of a series of exhibition fights, with boxing legend Evander Holyfield mentioned as a potential opponent.
However, Yahoo! Sports' Kevin Iole now reports that Jones will face 'Iron' Mike in an eight-round exhibition bout.
According to Iole, the fight between Tyson and Jones will be held in California and will feature a 'boxer vs MMA fighter on the undercard.'
TMZ reports that the exhibition mega-bout is pencilled in for 12th September and is being called 'Frontline Battle.'
According to a press release, fans will be able to tune in for the exhibition event from 9:00pm ET on pay-per-view.
The pay-per-view bout will be streamed on Triller, with the multi-media platform also receiving exclusive streaming rights to a 10-part series revolving around the fight.
The event is scheduled to be a three-hour-long live show and will also include "iconic musical performances."
The exhibition fight will be the first event held under the 'Legends Only League' brand, which is a collaboration between Tyson and Eros Innovations.
Both Tyson and Eros have partnered with Triller for all future boxing events that will be held by Legends Only League.
Jones, who retired from professional boxing in 2018, previously said he would come out of retirement for a showdown with Tyson.