After rumors swept through the internet earlier today it has now been confirmed that BJ Penn and Matt Hughes will meet for the third time in the co-main event of November 20th’s UFC 123 event.

Last week Penn had stated he was set for a return to the octagon in November, and with Hughes posting on his website earlier today that he had been approached about a potential fight in the same month speculation about a fight between the two quickly gathered momentum.

Now MMAWeekly has confirmed that the two fighters have indeed agreed to meet in Michigan to settle an old score.

The two legends of the promotion first met back at UFC 46 in January of 2004.  Penn moved up to welterweight for the bout to take on Hughes who at the time appeared to be an unstoppable force looking for his sixth consecutive title defense.

‘The Prodigy’ lived up to his nickname however by stopping Hughes late in the first round by rear-naked choke to claim the belt.

Over two years later the two men met again at UFC 63 in September of 2006.

In the proceeding years Hughes had again gone on an impressive five fight winning streak and reclaimed the welterweight title by defeating GSP, while Penn had become patchy as he left the UFC for a spell and challenged himself at higher weight-classes, including taking Lyoto Machida to a decision at light-heavyweight.

Now back in the UFC, Penn stepped in to face Hughes when GSP injured himself prior to their rematch.  The Hawaiian was unable to defeat the dominant welterweight champion for a second time however as Hughes claimed a third round TKO victory.

And so four years later with both men holding a victory over the other the stage is set for them to settle the score once and for all.