Joe Calzaghe's promoter Frank Warren has confirmed he is in talks with Roy Jones Jr's camp with a view to making a fight in Cardiff on 8 July.
Jones is considered one of boxing's all-time greats
Former four-weight world champion Jones has already told BBC Sport he would be willing to take the fight.
"If we can agree terms, I'd make the fight in a heartbeat," Warren told BBC Radio Five Live. "I've been speaking to Jones' lawyer for about a month now.
"It depends on what sort of money the US TV networks put up for the fight."
Calzaghe, 33, is the hottest property in boxing following his spectacular win over Jeff Lacy in Manchester last weekend.
Jones, 37, from Pensacola, Florida, is considered the best fighter of the 1990s and one of the all-time greats.
"We tried to make this fight many years ago but the stumbling block was always what Roy wanted to be paid," added Warren.
"But Roy's lost his last few fights and he needs a big fight - and he needs Joe more than Joe needs him.
"The guys that give Roy trouble are southpaws, which is Joe. I think Joe will be too strong for him, too fast for him and I believe he'd knock him out."
Meanwhile, Jones told BBC Sport Wales on Saturday: "My future holds Calzaghe, that's what the public wants so that's what they'll get.
"The 8 July suits me. I'll fight in Britain at super middleweight or light heavyweight, Calzaghe excites me."
Jones won titles at middleweight, super middleweight and light heavyweight, before his historic WBA heavyweight win over John Ruiz in 2003.
He then moved back to light heavyweight for a controversial win over Antonio Tarver, his 49th consecutive victory.
But since that win in November 2003, he has suffered three successive defeats, twice to Tarver and once to Jamaican Glen Johnson.
He was knocked clean out in two of those defeats, with many feeling that he has lost his speed, reactions and punching power.
"Beating Calzaghe will be the start to getting me back on top," Jones added.
"It would have been crazy for me to have fought him in Britain before because I was the man at the top of the pile, but now I'll take the gamble of an overseas trip.
"Calzaghe is dangerous and very capable of beating anyone on a given day, it's certainly a bout to excite me.
"Calzaghe's performance against Lacy made a big impression in America, he shocked the US public.
"I knew how good he was, but I hadn't seen him for a while. I have to say he looked better than ever.
"He's undoubtedly the best super middleweight out there, his record speaks for itself. But I'd come there looking to knock him out."
*Roy Jones Jr was speaking to BBC Radio Wales' The Back Page programme, which has a regular slot on Saturdays, 0830-0900 GMT