It's official.

Frank Mir vs. Cain Velasquez at UFC 146 from the MGM Grand Garden Arena on May 26, 2012, in Las Vegas, Nevada. The victor is expected to earn the right to challenge the winner of Junior dos Santos vs. Alistair Overeem for the heavyweight crown, who also throw down over the Memorial Day Weekend.

FOX Sports brought word of the verbal agreements earlier today.

After Shane Carwin gave him the Transformers-Rumble-Head-Punch, Mir (16-5) was able to dust himself off and win three straight fights, including a bone-crunching submission victory over Brazilian rival Antonio Rodrigo Nogueira at the UFC 140 event last December.

This could be the longtime veteran's last run at the division crown, so expect his best effort in "Sin City."

For Velasquez (9-1), it represents an opportunity to erase the memory of a 64-second knockout, which forced him to relinquish his heavyweight title to Junior dos Santos on national television when the UFC debuted on FOX TV in November 2011.

The ex-champ was previously undefeated, with victories over similar opponents like Nogueira and Cheick Kongo, as well as Lesnar, who was too much for Mir to handle.

How do you see this fight unfolding?

UFC 146 is expected to be headlined by the biggest fight of the year (literally), when heavyweight champion Junior dos Santos puts his strap on the line for the very first time against division number one contender and famed Dutch striker Alistair Overeem.

Middleweight TUF guy Jason Miller is also back in action taking on the venerable C.B. Dollaway while Edson Barboza goes to war against Evan Dunham.

For the current UFC 146 fight card and rumors click here.