British heavyweight Danny Williams says a third fight between Evander Holyfield and Mike Tyson would be a "freak show" if it went ahead.
Williams (left) defeated Tyson in 2004 with a fourth-round KO
Holyfield told the Guardian newspaper that Tyson had approached him through a third party about a rematch.
Their second fight ended with Tyson, who lost to Williams in 2004 and is battling against bankruptcy, biting a chunk out of Holyfield's ear.
"It would be an insult to everyone's intelligence," Williams told BBC Sport.
"Tyson is one of the greatest fighters ever - but he doesn't want to fight any more. It's purely about money."
Four-time world heavyweight champion Holyfield knocked Tyson out when they first met in 1996.
"There has been some talk between us," he told the Guardian newspaper.
Tyson, once the most feared boxer alive and still the youngest man to ever to win a world heavyweight title, has run up huge debts and served time in prison over the past decade.
Tyson's last fight came in 2005 when he stunned the boxing world by quitting against journeyman Kevin McBride, insisting he did not have "the fighting guts or the heart anymore".
And Williams, 34, insists Tyson would be looking to make a rematch with Holyfield happen for one reason only.
"Tyson has no interest in boxing any more - his heart's out of the sport," he said.
"Holyfield is a warrior and still wants to regain the title but Tyson is doing it because he is bankrupt and needs the money. It's a complete joke.
It would be a complete mismatch and there would be no excitement in the fight. It would be a total whitewash
"He's got no more love for the sport any more - the fight in Tyson has gone and I think he should just retire and find another way of paying off his debts.
"Otherwise, he's destroying all of what he achieved throughout his career."
Londoner Williams, however, admitted that fight fans - himself included - would still tune into the fight despite its lack of credibility.
"It would be a freak show. It's just two legends getting into the ring," he said.
"Holyfield is still a very good fighter and dangerous contender. It would be a complete mismatch and there would be no excitement in the fight. It would be a total whitewash."
Although Tyson is officially retired, Holyfield insisted the New Yorker still had it in him to box.
"I think he could - if he wanted to. I don't underestimate no man," said Holyfield.
"He's 41 now. I'm four years older but the big difference is I've always kept in shape.
"Who knows with Mike? Soon after Jeff [Fenech] called, Mike went to South Africa and it's gone quiet since then."
Williams, meanwhile, is hoping to fight James Toney this summer in a potential WBC world title eliminator.
The 40-year-old American, better known for his career at middleweight, beat Holyfield in October 2003 when he stepped up to heavyweight.