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Former heavyweight boxing world champion Mike Tyson to come out of retirement to face James Toney REUTERS/Aly Song

Boxing legend Iron Mike Tyson will come out of retirement to face James "Lights Out" Toney, claims a source close to the former.

Rumours have been circulating that the two great heavyweights are looking to create a spectacle in order to relive their glory days.

"About 90 percent done. I work with him everyday...everyday. I know when he’s real or not," an unidentified source told ESNews.

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In his prime, Tyson, 48, held several belts in the heavyweight division, remaining undefeated after 37 professional fights before he shockingly suffered a knockout against of Buster Douglas. He was able to redeem himself in the following six years, but after his career spiraled down after two successive loses to Evander Holyfield. As for Toney, he has still been competitive until 2013, thinking that he still has a lot of gas left in his tank.

Between the two, however, Toney suffered more beating because of his 90 total fights in the pro ranks alone, and is already feeling the effects of wear-and-tear, with his speech already slurring.

According to Gabriel Rosado, the conception of staging the bout, no matter how ridiculous it may sound, will still be marketable, at the very least.

"I don’t know how legit that is, but that’s pretty crazy, though.I don’t know about that," said Rosado.

"I would not even know who to put my money on."

"People will talk (expletive), but people will watch [it], regardless."

When asked who has the upper hand, the Philadelphia native refused to answer directly, indicating that it will be, more or less, an even match up.

"But, that’s pretty interesting. I don’t know who would win that, honestly, because James ain't fighting a minute."

"I love both of them. Those are real fighters. At the end of the day, James Toney, [he’s] definitely one of my all-time. He’s definitely on my top 5, and Mike is one of the best."

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To contact the author of this article, email m.eubank@ibtimes.com.au.