David Haye and Dereck Chisora are to face each other at Upton Park on 14 July in a fight sanctioned by the Luxembourg Boxing Federation.
Chisora's manager Frank Warren told the BBC he would officially announce the fight at 1230 BST at a news conference.
The British heavyweights were involved in a brawl following Chisora's defeat by Vitali Klitschko in Munich.
The British Boxing Board of Control will not sanction the fight because neither holds a British licence.
Chisora had his licence withdrawn after a number of controversial incidents before and after the Klitschko fight - but he has appealed the decision.
The 28-year-old slapped Klitschko at the weight-in and spat water at the Ukrainian's brother Wladimir before the contest.
Haye relinquished his licence when he retired in October last year , three months after losing his WBA title to Wladimir in Hamburg.
Warren had previously said he would not go ahead with a fight between the two boxers.
However, he said he changed his mind because Chisora's appeal against his licence withdrawal had been "pushed back to July".
Warren said: "What he [Chisora] did was stupid and there should be some sort of punishment.
"But he will be out of action for six months and will lose money. Why should he not make a living?"
Chisora was granted a licence to fight by the Luxembourg Boxing Federation but Warren added that "a number of commissions" had been willing to do so.
Warren said he would not be taking a commission from Chisora for the fight, but would make money as a "shareholder" in the Box Nation subscription channel that will air the fight.
When asked whether holding the fight might threaten his own licence as a promoter with the British Boxing Board of Control, Warren said he hoped they would not hold it against him.
"What I'm doing is legal and lawful," he said.
"I have a managerial contract with Chisora, I have legal obligations to him and I won't have these compromised by the British Boxing Board of Control.
"When they made their decision, they said he was able to apply for a licence in another jurisdiction, that was said at the hearing, and that is what he's done."
OSM news service
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