While any showdown between the two tech titans has yet to be officially confirmed, Musk said on his X social media platform – formerly known as Twitter – that arrangements were advancing.

"I spoke to the PM of Italy and Minister of Culture," Musk wrote, referring to Italian Prime Minister Giorgia Meloni. "They have agreed on an epic location."

Italian Culture Minister Gennaro Sangiuliano confirmed speaking to Musk about "how to organize a great charity event evoking history" but said any match "will not be held in Rome."

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Musk apparently hopes the fight would take place in the ancient Colosseum, a UNESCO World Heritage site, posting about the idea in late June.

In a statement, Sangiuliano said any event with Musk would raise "a huge sum, many millions of euros, (that) will be donated to two important Italian pediatric hospitals."

"It will also be an opportunity to promote our history and our archaeological, artistic and cultural heritage on a global scale," he said.

Musk said "everything done will pay respect to the past and present of Italy" and that proceeds will "go to veterans."

He said the cage match would be managed by foundations run by himself and Zuckerberg and not by UFC, the Las Vegas-based mixed martial arts promoter.

UFC boss Dana White, still eager to be a part of the event, told Mike Tyson's podcast this week that he believed the fight would generate $1 billion in revenue.

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The two tech tycoons, who have occasionally jousted from afar, became direct competitors after Zuckerberg's Meta launched its Twitter-like Threads platform in early July.

Musk did not mention a date for the proposed fight, but said he may need to undergo "minor surgery" to resolve a "problem with my right shoulder blade rubbing against my ribs."

"Recovery will only take a few months," he added.

The world's richest person has a titanium plate holding two vertebrae together but said Friday it is currently "not an issue."

Zuckerberg, a martial arts enthusiast who has taken part in jiujitsu competitions, did not immediately comment.