David Feldman, the President of Bare Knuckle Fighting Championship [BKFC] is preparing to make another big offer to Mike Tyson, hoping secure the former undisputed heavyweight champion.

Tyson, 53-years-old and retired from boxing since 2005, has been discussing the possibility of returning to the ring to take part in a few exhibition fights to raise money for charity.

Tyson has been posting training clips on social media, to showcase his physical form, power and speed. The clips have gone viral and created a tremendous amount of buzz.

When Tyson expressed his desire to fight again, Feldman's company made him an offer of $20 million to fight an opponent to be determined in a bare knuckle fight.

Now Feldman plans to make an even bigger offer.

“I think I know what we need to do to make this thing happen,” Feldman said to MMA Fighting.

Former UFC champion Tito Ortiz claims that he was approached about the possibility of fighting Tyson - but Feldman was not the one who spoke to him.

Feldman would rather have Tyson fight someone like MMA veteran Wanderlei Silva, who already reached out to BKFC to fight the former champ.

“I didn’t offer that (to Ortiz),” Feldman said. “I don’t know that it really draws. I think a Wanderlei Silva, someone of that nature. No matter how old Silva gets, he’s dangerous, and I think that would be an intriguing matchup. Something like that, but I don’t actually have anything in mind right now.

“First, I want to see if we can make the Mike thing happen, period, and then we’ll start talking opponents. We’re not successful yet in making that Mike thing happen. But I don’t think the door’s shut. He did say no immediately. But I think there’s room there.”

Tyson had recently stated that he's close to finalizing his return, but gave no hints on the opponent.