Conor McGregor has been priced up at 6/1 to beat Floyd Mayweather after their long-awaited showdown was confirmed for August 26.

Former multi-weight world champion Mayweather confirmed a deal has been agreed for a boxing match against mixed martial arts champion McGregor in Las Vegas.

Mayweather will reportedly be paid over 100 million US dollars for the contest, which will be broadcast on pay-per-view networks across the world.

The 40-year-old announced his retirement after winning his 49th straight bout against Andre Berto, also in Las Vegas in September 2015.

Three months later McGregor won the UFC featherweight title. After splitting two high-profile bouts with Nate Diaz, he then knocked out Eddie Alvarez to add the organisation's lightweight title in December last year.

The fight was first mooted in a series of exchanges on social media, in which McGregor urged Mayweather to step up and sign.

888Sport

Given McGregor's non-existent boxing experience and Mayweather's reputation as one of the finest fighters in history, many observers are already predicting a mis-match and Mayweather is 1/13 to come out on top.

But UFC president Dana White told ESPN: “(McGregor) is absolutely 100 per cent positive that he wins this fight, and I stopped doubting Conor McGregor a long time ago.

“Floyd Mayweather is 40 years old, he's always had problems with southpaws. Conor McGregor is 27 and he is a southpaw. Whenever Conor hits people, they fall.

“I'm not saying Conor McGregor's going to win. I'm not saying Floyd Mayweather's going to win. But the reason Conor McGregor's as big as he is is he'll fight anybody, anywhere, anytime. He will go after Floyd Mayweather and he will try to knock him out.”

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