The two parties have agreed to rumble on August 26 at the MGM Grand Garden or the T-Mobile Arena in Las Vegas, after Mayweather Promotions was yesterday granted the green light to promote an event on that date. Bookmakers do not doubt his success and assume that a Floyd for the first time since 2011, will be able to knock out his opponent. The card will be televised by Showtime.
On the other hand, McGregor, who had a dream year in 2016 - which saw him win titles in two different UFC divisions, was persistent about settling the revenue issues and getting the fight against Mayweather happen in 2017.
Both men had previously said they wanted $100m (£78m) each for the fight and negotiations have gone back and forth for about a year.
So what does the UFC get out of it?
Mayweather is known more as a "point fighter" winning 23 of his 49 fights by decision.
While further details were unavailable as of Wednesday afternoon, it's expected that each fighter could earn in excess of $100 million USA for the match. It's actually not a bad deal for them.
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It will be a boxing match contested over 12 rounds at 154 pounds and the pair will both wear 10 ounce gloves.
Despite having little or no boxing experience, White insists his MMA client McGregor is confident of victory.
Wednesday evening brought confirmation that Floyd Mayweather will come out of retirement so that he can welcome the mouthiest MMA fighter of all time to the boxing ring.
"That's one of the million reasons why people love Conor McGregor", White said.
"I have seen Floyd buzzed in a fight". "He is absolutely, 100% positive that he wins this fight".
McGregor, 28, is 21-3 in UFC fights, with his most recent fight coming in November against Eddie Alvarez.