Promoter Eddie Hearn of Matchroom has confirmed Deontay Wilder's recent statements of presenting an offer of $50 million to fight Anthony Joshua.
However, Hearn explained that their discussions fell apart when Wilder's handlers failed to send over a contract.
The two former world champions will appear in separate fights as part of a major card on December 23 in in Saudi Arabia.
Wilder will collide with former world champion Joseph Parker, while Joshua will face top contender Otto Wallin.
Should Wilder and Joshua win their respective bouts, there is a good possibility that they will meet in the ring in 2024.
According to Wilder, Joshua's handlers have kept them from fighting for the last few years.
"It's his management that have held him back from fighting me because, you know, he's a fighter. It's been over six years (waiting for the fight to be made). But there comes a point in time we're you're like, "Forget it",' Wilder said to Daily Mail.
"Many times he wanted to fight, he wanted to accept it but his handlers didn't want it because Joshua is the money-maker for the company. And if he goes down, so does the business."
Hearn would detail that Wilder's offer was received several years ago, but when the British promoter requested a contract - to outline the terms - it was never sent over.
"To be honest with you, that was about three, four years ago. No one came to us with an offer. We received an email," Hearn said to The Daily Mail.
"I mean, me and Deontay are friends so I don't want to hard, but we received an email from a Hotmail address saying we will give you $50 million dollars for the fight. It was sent to Anthony Joshua. Directly. He was like 'what.'
"So, I went back and said send the contract. They went no, you need to agree terms before we send the contract. I said you don't agree terms before sending the contract. I didn't know what was the contract looks like at this point. I'm not going to put myself in a position and say yes I agree terms and then receive a contract that is just rubbish and you can't sign it. But, they never sent it.
"There's a lot of reasons why that fight didn't happen but we have to look to the future. We have a big chance of getting the fight. But, it's all irrelevant if they don't win on December 23."