The bout will be contested at cruiserweight (200 pounds) and is contracted for eight rounds.
Paul has only fought older MMA fighters in his fighting career and August would be one of the most experienced young boxers for him.
“I’m a professional boxer and I want to be world champion, so I need to pursue the path towards greatness against people who have been boxing their whole life,” Paul said in a statement.
Paul, who is only 26 has recorded victories over former UFC champions Anderson Silva and Tyron Woodley (two).
“Pound-for-pound, the great Terence Crawford fought a 9-14 opponent in his ninth fight, Canelo Alvarez fought a 0-1 opponent, and Gervonta Davis fought an opponent that had 31 losses,” said Nakisa Bidarian, Paul’s business partner and co-founder of Most Valuable Promotions.
“But Terence, Canelo, and Gervonta didn’t have the world watching. Jake Paul does, and he’s once again putting it all on the line taking on a 10-1 opponent.”
August, 35, is on a five-fight winning streak and this would be his first time competing in an 8-round match.
“Jake Paul has the money, the fame, the team, and the resources but he doesn’t have my hunger,” August said in a statement.
“When that bell rings, I am going to go straight to Jake Paul and ring his bell and send him back to YouTube for good.”