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Floyd Mayweather vs. Conor McGregor finalized, set for August 26

One of the biggest pay-per-view events of all time is actually happening.

Kevin Iole of Yahoo Sports reported today that Floyd Mayweather and Conor McGregor will meet in their much-discussed boxing superfight on August 26th in Las Vegas. The report came after the Nevada Athletic Commission approved the date at a meeting earlier today, though Mayweather and McGregor's names were not officially attached to it then.

Both Mayweather and McGregor have since confirmed the news on social media. The boxing match will take place at the T-Mobile Arena.

What once seemed like only hype has inched closer to reality over the last year. A significant step came when Dana White and McGregor reached an agreement on personal terms for the fight. Negotiations with the Mayweather camp then began.

Mayweather and McGregor still need to apply for their boxing licenses for the fight. NAC executive director Bob Bennett previously called it "approvable."

Mayweather's record improved to 49-0 with a win against Andre Berto in September 2015 before announcing his retirement, but he has been training for a comeback against McGregor. The last time that McGregor fought was when he won the lightweight championship from Eddie Alvarez at UFC 205 in November 2016.

UPDATE: Dana White confirmed to TMZ that Mayweather vs. McGregor will be a 12-round boxing match and that they will use 10 ounce gloves. The undercard will only feature boxing and will be handled by Mayweather Promotions.

White also said that he expects McGregor to make around $100 million for the fight and that McGregor genuinely believes that he will knock Mayweather out.