Chagaev (24-0-1, with 17 KOs) won a majority decision over the 2.13-meter (7-foot) Valuev in April 2007 in Stuttgart.

Klaus-Peter Kohl, who has the Uzbek champion under contract, said Tuesday the fight will be held in Oberhausen, Germany. He bid US$4.4 million (€2.8 million) to stage the bout, beating German rival Sauerland Promotions and American promoter Don King.

Valuev (48-1-0) won a lopsided decision against former WBO champion Sergei Liakhovich in February.