Tyson Fury and his promoters will now look over the first draft of the contract for the blockbuster showdown with Anthony Joshua.
Matchroom chief Eddie Hearn confirmed on Wednesday that he had sent a contract to Bob Arum and Frank Warren for the heavyweight bout.
It is understood they are now being reviewed and amendments will be returned before the weekend.
“The first draft of the contract has now gone out to Bob Arum, which is obviously a good thing,” Hearn told the Daily Mail.
“The contract reflects the positive nature of the discussions we have had so far around this fight.
“We now await their comments before we all move on to agreeing a location.
“We hope to have something signed within the next two weeks.”
Hearn wants to agree all of the terms before taking the deal to the highest bidder to host the fight.
The fighters have agreed to a 50/50 split for the first meeting with a 60/40 one for a return clash.
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But many complications still remain including TV broadcasters across the globe as well as in the UK and COVID-19 restrictions on travel and hosting large events.
Saudi Arabia remains the favourite to host the clash which could be for the undisputed heavyweight crown.
But other locations remain on the table including Dubai, Abu Dhabi, US and Singapore.
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The UK has been ruled out as there is little chance of a full stadium in time for a June fight date.
The other issue yet to be resolved is if the WBO title will be on the line.
Oleksandr Usyk is the mandatory challenger for the belt and his due his shot next.
There has been speculation that a deal is close for Usyk to fight Joe Joyce for an interim version of the WBO title.
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That would pave the way for Joshua and Fury to contest the full WBO title along with the WBA, IBF and WBC.
However, Daily Star understands that Usyk has yet to enter into negotiations with Joyce and his team over a potential bout.
The Ukrainian is awaiting guidance from the WBO on his position as mandatory challenger.
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