Mike Tyson is set to bank a monster payday against Jake Paul.

The boxing world was left stunned when Paul announced he would be facing Tyson two weeks ago.

Paul will face boxing legend Tyson in the ring this summerCredit: Netflix

‘Iron Mike’ squares off against ‘The Problem Child’ on July 20 at the AT&T Stadium in Arlington, Texas live on Netflix.

At 58 years old, Tyson will box a man 31 years his junior in a crossover clash that organisers are reportedly hoping to stage as a professional bout.

Ever since the shocking news dropped, fans haven’t stopped speculating on how much Tyson will earn for the fight.

After all, it will have to be a sizeable sum for the former undisputed heavyweight champion to risk his legacy against a YouTuber.

Former two-weight UFC champion Henry Cejudo anticipates he will earn somewhere around the $20m (£15.7m) mark.

“I mean, you know what I respect, Uncle Mike… But it obviously takes two to tango,” he said.

“I feel like there is probably a really good payday for Mike. He’s probably going to wind up making close to about 20 mil, and he’s about to turn 58 years old.”

Of course, that is pure speculation from a man who has no involvement in the fight.

Tyson’s career-best payday came against Lewis in 2002Credit: AFP

But if he does command a fee around the $20million mark then it will be in a similar ballpark to the purses he used to receive in his prime.

During a glittering career that spanned over 20 years, Tyson is said to have earned around $430million (£337.5m).

His career-best payday was $35m for his clash with Lennox Lewis while he earned $30m for his rematch with British icon Frank Bruno and his two fights with Evander Holyfield.

Despite the money-spinning fights he was a part of, Tyson filed for bankruptcy in 2003 after running into substantial debt.

He has since regained his fortunes thanks to Hollywood acting roles and his own cannabis farm.

Yet the boxing legend is still chasing a bag against Paul.