Holyfield, who turns 41 on Oct. 19, has won just one of his last four fights, but is hoping for a chance to become the first five-time heavyweight champion.
"It's my goal to be heavyweight champion of the world and I will be the undisputed heavyweight champion of the world," Holyfield said. "I may not get it when I want to, but I will get it."
Holyfield is 38-5-2 with 25 KOs.
Toney, who went over eight years without fighting for a title before capturing the IBF cruiserweight belt, is trying to show he can again move up in weight and be successful.
He is 66-4-2 with 42 KOs.
"I do not run from anybody," Toney said. "I am going to do what I say. I am going to be there for him."
Toney beat Vassiliy Jirov to capture the IBF cruiserweight title in April.