The match is scheduled for February 20, 2021, according to a post from Floyd on his Instagram page.
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The bout will be available via pay-per-view, according to the event's website. The first 1 million purchases will cost $24.99, increasing to $39.99 that threshold is reached. On December 29, the price jumps to $59.99 and then to $69.99 on February 11.
The announcement comes one week after Paul's brother, Jake Paul, knocked out former NBA player Nate Robinson.
Logan Paul has fought before. He twice fought vlogger and rapper Olajide "KSI" Olatunji with the first bout ending in a draw and a second with KSI's victory over Paul.
Mayweather, who was undefeated in his career with a record of 50-0, is considered one of boxing's all-time greats.
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He retired in 2017 after defeating Conor McGregor, a fight that Forbes estimated generated more than $550 million in revenue. Mayweather earned a reported $275 million, a sum generated both from his roles as fighter and also promoter.
"As of right now, I'm doing exhibitions," Mayweather told CNN en Espanol's Raul Saenz earlier this year. "I'm 100% sure that I'm not fighting against any boxer anymore."
He announced in 2019 he was "coming out of retirement in 2020."
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