Oscar De La Hoya will fight Manny Pacquiao on December 6 at the MGM Grand in Las Vegas.
It was confirmed on Thursday that the bout will be a 12-round, non-title fight contested at the 147-pound welterweight limit.
De La Hoya (39-5, 30 KOs), who has won titles in six different weight classes, insists he can't wait for the challenge and has even pushed thoughts of retirement to the back of his mind.
"Manny Pacquiao is considered the best fighter in boxing today and I always want to fight the best," said De La Hoya.
"I am glad we were able to make this fight happen because while Pacquiao is at the pinnacle of his success and has defeated all of the top fighters he has faced, I am going to show the world that it stops with me. December 6 can't get here soon enough."
De La Hoya had previously spoken of his plans to retire after his next fight but now it seems this may not be his last bout.
"My focus is on my training and my next fight," he added. "I'm not going to talk or think about retirement. We'll see how I feel after this fight. For now I have to focus on my training."
Philippines hero Pacquiao (47-3-2, 35 KOs) is recognised by many observers as the best pound-for-pound boxer in the world and has won his last seven fights with his most recent victory coming over David Diaz on June 28.
"Pac Man" believes this will be the biggest fight of his career so far and thinks his speed will prove too much for the "Golden Boy."
"This is my greatest challenge," said Pacquiao. "When I take that walk to the ring to fight Oscar, I will carry all the people of The Philippines - the entire country - on my shoulders.
"I promise I will fight with all of my heart and that I will give everything I have. Like my trainer Freddie Roach says, I have what it takes to win the biggest fight of my life.
"I am faster and stronger than him and I'm also younger. He's bigger in height but I feel I'm stronger and it's going to be a great fight."
Pacquiao is well known for his fast relentless style inside the ring but De La Hoya is aware of the dangers and knows he must prepare and train extremely hard.
De La Hoya said: "I have to figure out a way to pull the trigger and increase my speed. I have quite a task in front of me. It's going to be an explosive fight, that's for sure.
"I have no intention of taking it easy in the gym because this will be the fastest, strongest southpaw I've ever faced."
De La Hoya also denied the apparent size difference will have a negative impact on the fight. The 35-year-old has fought at 150 pounds or more for each of his last nine fights and has not been at 147 since a fifth-round technical knockout victory over Arturo Gatti on March 24, 2001.
Pacquiao has won belts in five different weight classes but has never fought above 135 pounds.
But De La Hoya said: "A lot of people are going to be surprised when we stand next to each other. The size difference isn't going to be a big deal for either of us."