After an exhibition fight against Roy Jones Jr. last year, it seemed as if Mike Tyson’s return to the ring would be coming later this year, with Iron Mike announcing the date of his next fight on Memorial Day weekend. While Tyson didn't specify an opponent, the rumblings were that it would be Evander Holyfield.

But reports now suggest the fight will not happen after Tyson turned down a whopping $25 million to face Holyfield:

Tyson previously made the announcement on his podcast that he was scheduled to return to the ring on May 29 at Hard Rock Stadium in Miami, according to TMZ Sports. While the identity of his opponent remained a mystery, it was assumed that he was referring to Holyfield, whom he previously fought in 1996 and 1997.

But after engaging in serious talks about a third fight between the two heavyweights, the 54-year-old Tyson apparently turned down the massive offer, and now the bout is unlikely to happen. In a statement, Holyfield’s team said that Team Tyson has “became untenable and not what Mike Tyson had originally agreed on in direct conversations with Holyfield.”

Tyson and Holyfield’s previous fights both ended in losses for Iron Mike. On Nov. 9, 1996, Tyson lost the WBA Heavyweight title after suffering an 11th-round TKO loss to Holyfield. Their second fight on June 28, 1997 achieved notoriety after it ended with Tyson biting off part of Holyfield’s ear and being disqualified for it.

Mike Tyson’s last professional fight came in June 2005 when he lost to Kevin McBride in the sixth round. Since then, he has had exhibition fights, including an eight-round draw against Jones last year. Evander Holyfield, meanwhile, last stepped into the ring in May 2011 when he defeated Brian Nielsen via a 10th round stoppage.