UFC superstar McGregor, 32, has been eager to return to the boxing ring ever since his stoppage defeat against Floyd Mayweather in August 2017.
And on Friday the Irishman claimed he will be facing Pacquiao in another crossover event, writing on Twitter: “I’m boxing Manny Pacquiao next in the Middle East.”
Now Pacquiao, 41, has confirmed the fight will indeed be going ahead.
The boxing great has told CNN Philippines that he will face McGregor in what promises to be another pay-per-view success.
The broadcaster tweeted: "Senator and boxing legend Manny Pacquiao will fight UFC superstar Conor McGregor next year, his office confirms.
"It says details are still being finalized, but a huge portion of Pacquiao's earnings will be used to help the country's COVID-19 response.
Both men came up short in their respective bids to dethrone Mayweather. Pacquiao suffered a wide points defeat in a long-awaited clash that remains the most lucrative in boxing history, while McGregor was stopped on his feet after 10 rounds.
The latter collected £70million for his efforts, nonetheless, while Pacquiao took home £122million in the Fight of the Century.
However, the Filipino’s team have confirmed a large percentage of his earnings from the upcoming bout with McGregor will be donated to those affected by the coronavirus pandemic.
A statement from his office read: ”For the sake of all the Filipino Covid-19 victims, Senator Manny Pacquiao will be fighting UFC superstar Conor McGregor next year.
“The huge portion of his earnings will proceed to those who are affected nationwide by the pandemic.”
Pacquiao was last in action 14 months ago, picking up a shock points victory over Keith Thurman to capture the WBA ‘Super’ welterweight title.
As for McGregor, his last outing came in a quick knockout win over Donald Cerrone last January.