Tyson Fury will take on Oleksandr Usyk in Saudi Arabia in a bout that will decide the undisputed heavyweight champion of the world, Fury's promoter said on Friday.

The date of the contest, which will take place in the Saudi capital, Riyadh, has not yet been announced.

Ukraine's Usyk holds the WBA, WBO and IBF heavyweight belts, while Britain's Fury is the reigning WBC heavyweight champion.

"This is the biggest fight that could possibly be made in our sport," said Fury's promoter Frank Warren.

"The heavyweights always spark the imagination of the fans, and I have no doubt this will be the biggest boxing event of the century."

Fury has won 33 fights with one draw since turning professional in 2008.

Usyk has won all 21 of his professional bouts and defended his titles against Britain's Daniel Dubois in August. (AFP)