The American undefeated champion, 43, made the announcement via his Instagram page.
Meanwhile, the 25-year-old Paul has just one professional boxing match under his belt. He lost to British YouTube star/rapper KSI in a split decision in 2019.
The fight, which will take place on February 20 is likely to draw huge pay-per-view numbers. In December 2018, Mayweather needed just 140 seconds to beat Japanese kickboxer Tenshin Nasukawa in an exhibition boxing bout worth a reported $9m (£6.7m).