It is believed they are keen on charity or exhibition fights, despite both being in their 50s.
Holyfield is 2-0 up against Iron Mike, one of which was the infamous scrap that saw Tyson bite a chunk out of his fellow American's ear.
And now Holyfield, 57, has admitted the two are “talking” over plans for Part III.
When asked by The 3 Point Conversation about another fight against old enemy Tyson, Holyfield said: “His people have been talking to my people and we haven’t yet got a solid deal together but it’s coming that way.
"If it happens, then that’s no problem. “Well the thing is, he was doing something and I was doing something.
“When I told people about it, they saw me working out and they kind of put two and two together, “They must be coming together to do this like this.
“But the fact of the matter is, I didn’t mind if we do do something like this."
Holyfield went on to insist that that both his and Tyson’s comebacks weren't planned to happen at the same time.
"Well the point of the comeback – somebody just made up the names themselves – I’d been telling people that I wanted to start doing exhibitions. “Meaning that with my foundation, the Holyfield Foundation, I wanted to help the kids.
“I wanted to come back and be able to show the kids that if you take care of your body at a young age, if you don’t get bad habits, you don’t gotta put them down.
“Then at an old age you ain’t got to be worried about what type of person you’re going to be or if somebody going to have to help you.