The pair had been set to box earlier this year but the fight was pushed back amid the coronavirus crisis and will now take place this summer at the Hard Rock Stadium in Miami.
Confirming the fight on Instagram, Mayweather wrote: "Me and Logan Paul will be fighting at the Hard Rock Stadium.
"@mayweatherpromotions @fanmio and @showtimeboxing have come together to bring an epic Event!!!
"Tickets will be going on sale next week."
Paul previously promised that the bout was "still happening" and that the pair had "business complications" to sort out.
He said: "The Mayweather fight is pushed [back] which I am completely OK with.
"The fight's still happening [but] we want to have a packed arena somewhere and then the business side of things, we have to iron them out.
"He's got a lot of people on his team, [his advisor] Al Haymon got involved, if you know boxing, you know what that means for getting an actual deal done and figuring out a venue."
Paul said he was pleased about the delay as it gives him a better chance of pulling off an upset against the legendary fighter, who has never lost in the ring during his career.
He explained: "I need as much practice, training, sparring under my belt against this guy.
"With every day that goes past I get better and he gets older."