Another long-rumored bout finally has a home. The UFC's annual Memorial Day card tends to be one of the more star-studded events of the year, and this one now has a solid co-main event. Without further ado, FoxSports.com brings you the big news:

"Verbal agreements are in for a No. 1 contender match between former UFC world heavyweight champions Frank Mir and Cain Velasquez at UFC 146, May 26 in Las Vegas," UFC president Dana White said.

Velasquez hasn't competed since he lost his UFC heavyweight title to Junior dos Santos at the first UFC on Fox event in November. He has been having some trouble with his elbow, which led to a delay in the bout with Mir being nailed down to particular card. Mir has won three in a row, with the last coming at UFC 140 when he broke Antonio Rodrigo Nogueira's arm with a kimura.

The bout will decide who faces the winner of the UFC 146 main-event UFC heavyweight title fight between the aforementioned Dos Santos and Alistair Overeem.

SBN coverage of UFC 146: Dos Santos vs. Overeem