The UFC are expected to announce this Friday that Fedor Emelianenko, arguably the world's best MMA fighter, will join the company.
UFC President Dana White has called a press conference for Friday and according to the LA Times, White will announce with the signing of the Russian fighter.
It is also believed that Emelianenko, who boasts a 30-1 record, will be handed an immediate title shot at reigning UFC heavyweight champion Brock Lesnar.
Earlier this month, White said he was optimistic of bringing Emelianenko into the company following Affliction's decision to fold its MMA promotion and return to the UFC as a sponsor.
White will also use Friday's press conference to push UFC 101 on August 8, where BJ Penn meets Kenny Florian in the main event of the night.
Penn is currently a best priced 8/15 with Boylesports to win and retain his UFC Lightweight championship, while Florian, who impressed last time out at UFC 91 with a first-round submission win over Joe Stevenson, is currently available at 7/4 with bet365.
The co-main event of the night is a Light Heavyweight bout between UFC middleweight champion Anderson Silva and former UFC Light Heavyweight champion Forrest Griffin.
Silva is the odds-on favourite and currently a best priced 1/3 with Paddy Power, while Stan James offer 14/5 on a win for Griffin.