Tyson, who is regarded as one of the greatest heavyweight boxers of all time, said it would be fun to take on Paul, who is 27 and has a 9-1 record with six knockouts.
'Iron Mike', who has a 50-6 record with 44 knockouts, will be hoping to shake off the rust as he will be 58 when the fight takes place at the 80,000-seat arena.
"I'm very much looking forward to stepping into the ring with Jake Paul," Tyson said in a statement.
"He's grown significantly as a boxer over the years, so it will be a lot of fun to see what the will and ambition of a 'kid' can do with the experience and aptitude of a GOAT (Greatest Of All Time).
"It's a full circle moment that will be beyond thrilling to watch, as I started him on his boxing journey on the undercard of my fight with Roy Jones and now I plan to finish him."
Paul was on the undercard in 2020 when Tyson and Jones fought in an exhibition bout that was scored as a draw.
"It's crazy to think that in my second pro fight, I went viral for knocking out Nate Robinson on Mike Tyson's undercard," Paul said.
"Now, less than four years later, I'm stepping up to face Tyson myself to see if I have what it takes to beat one of boxing's most notorious fighters and biggest icons."
