Mayweather's uncle Roger crossed paths with Mexican great Chavez Sr on two occasions during the golden age of boxing in the 1980's. Roger lost both fights, the first by knockout in the second round at the Riviera in Las Vegas in July 1985.
The second bout also went the way of Chavez Sr four years later after Mayweather famously quit on his stool at the end of the tenth round.
Now, Floyd will attempt to restore his family honour against the Mexican, as the two will go at it in an officially-sanctioned five-round bout at some point later next year.
It comes just days after the duo were pictured sat next to each other at the WBC Convention in Mexico City last weekend.
World-renowned Hall of Fame ring announcer Jimmy Lennon Jr told a press conference at the Intercontinental Presidente Hotel: "At the same time, they turned to each other and said, let's do an exhibition.
"Chavez and Floyd are here to announce they will be doing an exhibition either in Mexico or in Texas where many Mexicans will be [watching]."
WATCH: Floyd Mayweather and Julio Cesar Chavez Sr verbally agree to fight each other
Check out the video below...
And Chavez Sr claimed the pair verbally agreed there and then to fight each other - but it is still a mystery whether Mayweather will actually be fighting - and for how many rounds.
"Tell Floyd five rounds and we're good to go!
When asked if he was serious about the offer, he added: "Of course, five rounds and I'm in!"
'The Best Ever' last fought an exhibition against YouTube sensation Logan Paul back in June.
The fight reportedly earned Mayweather around $1.5million per punch despite hardly breaking a sweat.News Now - Sport News