(REUTERS) - British world heavyweight champions Anthony Joshua and Tyson Fury have agreed financial terms for a two-fight deal, promoter Eddie Hearn said on Wednesday (June 10).

The discussions over an undisputed world heavyweight title showdown between the two fighters began in early May and they have now agreed on initial terms for two encounters.

Joshua holds the World Boxing Association (WBA), International Boxing Federation (IBF), World Boxing Organisation (WBO) and International Boxing Organisation (IBO) belts, while Fury is the reigning WBC champion.

"We're making great progress," Joshua's promoter Hearn told Sky Sports News.

"There is still a lot to overcome. We are looking at venues and dates.

"We have the Dillian Whyte mandatory which is due before this fight.

"It's fair to say (Joshua and Fury) are in agreement regarding the financial terms of the fight."

Joshua won back his WBA, IBF, WBO and IBO belts from Mexican-American Andy Ruiz Jr in Saudi Arabia last December.

His next fight was due to be against Bulgarian Kubrat Pulev on June 20 but it was put on hold due to the Covid-19 pandemic.