The undefeated boxer, who proudly declares himself as the greatest of all time, will not be putting his perfect professional record on the line.
The two were originally set to fight on February 20 of this year in Los Angeles, though the fight was cancelled just a few weeks out.
After a lengthy wait, it has now been confirmed that the exhibition will take place on June 6.
The fight will see YouTube star Paul, who has over 20 million subscribers on the platform, step into the ring for a second time as a professional.
The ‘Maverick’ fought in late 2019 against fellow YouTube star KSI in Los Angeles, losing on a points decision.
Since then, he’s flirted with the idea of returning to the ring, but hasn’t done so until now.
His brother, Jake Paul, has forged a career in the sport despite being yet to take on a fellow boxer.
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Mayweather, 44, hasn’t fought as a professional since 2017, when he defeated Conor McGregor by knockout.
His last world title bout came in 2015, and he’s spent his time doing exhibition bouts since, with a fight against kickboxer Tenshin Nasukawa in 2018 his most recent time in the ring.
The iconic boxer won’t be putting his record on the line for the fight.
Mayweather’s long-term manager Leonard Ellerbe recently confirmed the event would be “nothing like” the 50-0 star has ever done before.
“Look, I commend all those who go out there and try to leave their mark,” he said of the two Paul brothers fighting.
“If it brings more eyeballs to the sport, I’m all for it.
“At the end of the day, it’s all about entertainment. This is why I can never be mad at anyone who thinks outside the box.
“Once you start living in that bubble and only do things inside that bubble, you don’t ever have a chance to separate yourself. Who’s looking to be ordinary? Nothing about us has ever been ordinary.
“We’re always trying to think outside the box. Floyd is always looking to do something different. This show is going to be nothing like Floyd has ever done before.”