Holyfield had not been in the ring since losing a unanimous decision to Sultan Ibragimov in October 2007. The former four-time heavyweight champ held his own in the title bout before ultimately losing on two scorecards -- 116-112 and 115-114 -- while the third card called it a draw.
The 7-foot, 311-pound Valuev (50-1) has yet to face a true test in the ring and his lackluster performance against Holyfield (42-10-2) hurt his standing in the rankings.
Valuev captured the vacant WBA title in August with a 12-round unanimous decision over John Ruiz.
Aaron Carter is still in love with Hilary Duff
Boston schools pull out free condoms over wrapping complaints