Vladimir Klitschko to fight Povetkin

Povetkin's win-loss record stands at 19-0 with 14 knockouts while Klitschko has 54 wins and three defeats with 28 knockouts.

Klitschko's team outbid the Povetkin promoters for the right to host the fight. The winning bid was worth £5.56 million, well over the £2.84 million that was offered by Povetkin's team, Germany-based Klitschko said.

The venue and the date will be announced by the Klitschko Management Group in the next three weeks, he added.

The Commerzbank Arena in Frankfurt, Germany, the 55,000-seat home stadium for the Bundesliga's Eintracht Frankfurt, is being considered to stage the fight.

Last month Vladimir's older brother Vitali knocked out Polish challenger Albert Sosnowski at Schalke 04's football stadium in Gelsenkirchen, Germany, to retain his WBC heavyweight title.