Per Hearn, the two British boxers have agreed in principle on the two-fight deal. Fury confirmed the news on Twitter, calling it the "biggest fight in British boxing history."
"It's fair to say [Joshua and Fury] are in agreement regarding the financial terms of the fight," Hearn said in an interview with Sky Sports. "We've been talking to [Fury's management team] MTK, giving them the assurances from Joshua's side that all the details on the structure of the deal is approved from our side. And it is from Fury's side, as well. We're in a good place. It's fair to say that, in principle, both guys have agreed to that fight. Two fights."
Both Joshua and Fury currently hold heavyweight titles. Fury, the reigning lineal and WBC heavyweight champion, defeated Deontay Wilder by technical knockout in February to gain the WBC belt. Though a "Wilder-Fury III" rematch was postponed due to the coronavirus pandemic, it is expected to take place by the end of 2020, per Fury's promoter.
Joshua is the reigning WBO, WBA and IBF heavyweight champion. He regained his three belts after defeating Anthony Ruiz in a rematch bout following Ruiz's shocking upset in a June 2019 fight. Joshua also had a mandatory fight set with Kubrat Pulev in June that was postponed due to the pandemic.
If Joshua and Fury retain their heavyweight titles, the fight could make for the first unified heavyweight champion in over 20 years. No contracts are signed at this time, according to Hearn, but the first bout of the two-fight series could take place next summer.