Tyson Fury's camp have sent a draft contract to Oleksandr Usyk and his team to sign, with co-promoter Frank Warren reaffirming plans for a March bout.
The Briton and the Ukrainian look set to hold an undisputed world heavyweight title fight in two months, with apparent progress between both parties on an agreement.
Usyk defended his WBA-Super heavyweight, IBF, and WBO belts against Anthony Joshua in August last year, while Fury completed a trilogy bout with Derek Chisora in December.
Now, Warren reveals the papers are in the hands of Usyk and his entourage, with the promoter hopeful a deal can be struck soon.
"We've sent them a draft contract, that's where we're at," he told talkSPORT Fight Night. "It's got to be sorted out very quickly because time is against us."
No location has been agreed on yet for any fight, with Fury able to command huge audiences in his native United Kingdom and Usyk having enjoyed a major Saudi Arabia payday.
Warren stressed no call had been made, simply adding: "[It will be] wherever the most money comes from.
"Nothing is in place from anywhere outside the UK. We know what it can generate in the UK, but if it goes elsewhere, then that depends on what the numbers are.
"I know a lot of people complain about it, and I agree it should be at Wembley. I'd love to see it there.
"But Muhammad Ali and George Foreman went and fought in Zaire, then you had the Thrilla in Manila, you had the big fights in Jamaica.
"They went where the money was, and these guys will do the same thing."