NEW YORK, OCT. 8 -- Boxing promoter Don King announced today that former heavyweight champion Larry Holmes will come out of retirement and will meet title-holder Mike Tyson Jan. 23, assuming Tyson wins his next fight.

Holmes' return is "predicated on Tyson beating Tyrell Biggs" in Atlantic City Oct. 16, King said.

Holmes, who will be 38 next month, retired after losing a 15-round split decision to Michael Spinks on April 19, 1986, in a bid to regain the International Boxing Federation championship.

Tyson, 21, has a record of 31-0, with 28 knockouts.

No site has been set for the presumed Tyson-Holmes fight, which will be televised by HBO.

Negotiations for the bout have been going on for more than a year.

King would not disclose Holmes' share of the purse, but the former champion reportedly will receive about $3 million. The promoter said Tyson's purse would be determined following the fight against Biggs.

Jimmy Jacobs and Bill Cayton, who co-manage Tyson, confirmed Holmes is next in line for Tyson.

"But our mind isn't on Larry Holmes now," Jacobs said. "We still have a tough nut to get by in Biggs."

Butch Lewis, Michael Spinks' promoter, said he was disappointed Spinks again is being bypassed as an opponent for Tyson. He has guaranteed Spinks and Tyson $10 million each for a bout and says each fighter could earn $15 million-$20 million from closed-circuit TV.