Sonny Bill Williams throws a right at Chauncy Welliver during their heavyweight bout in 2015.

Sonny Bill Williams and his former National Rugby League rival Paul Gallen are finally set to get into the boxing ring.

Sydney's Daily Telegraph reported the bout is on track to take place next October after a clause in Williams' $10 million contract with Toronto Wolfpack permitted him to fight.

Williams confirmed his two-year deal with the Super League club last week after farewelling the All Blacks at the Rugby World Cup.

GETTY IMAGES Sonny Bill Williams with daughter Imaan after the Rugby World Cup bronze medal match. He last week confirmed a move to Super League team Toronto Wolfpack.

According the Telegraph report, Williams and Gallen will receive $2 million each for the bout.

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Williams agreed to fight the Sharks captain two years ago but it never went ahead.

GETTY IMAGES All Black Sonny Bill Williams during his tied charity fight with Stuart Laundy in 2018.

The bout will likely be confirmed soon, providing Gallen can topple former AFL star Barry Hall on Friday.

"I've got to deal with Barry Hall first and get him out of the way... we'll worry about Sonny later," Gallen said.

Gallen maintained an even prizemoney split of $2 million is justified.

GETTY IMAGES Sharks skipper Paul Gallen has long been keen on a fight with Sonny Bill Williams.

"It will be a 50/50 split or it won't be happening. Everything was lopsided his way last time. Not anymore. I bring as much to the fight as he does," Gallen said.

"He'll make his couple of million so there will be no excuses for him to back away again."

Williams' agent Khoder Nasser disagreed: "If Gal honestly thinks he's entitled to a 50/50 cut the poor bugger has had too many head knocks," he told the Telegraph.