Heavyweights Alexander Povetkin, David Price to fight on March 31

Heavyweights Alexander Povetkin and David Price, both seeking a measure of redemption after major disappointments, will square off in a 12-round bout on March 31, Matchroom Boxing promoter Eddie Heard announced Friday.

It was added to the undercard of the Anthony Joshua-Joseph Parker heavyweight world title unification fight, which will take place at Principality Stadium in Cardiff, Wales.

The fight, long rumored, will see former secondary titlist Povetkin risk his position as one of Joshua's mandatory challengers.

In a seven-month span in 2016, Russia's Povetkin twice tested positive for performance-enhancing drugs. The first incident cost him a $4 million payday to challenge titleholder Deontay Wilder in Moscow. The second caused a title elimination fight against former world titleholder Bermane Stiverne to be canceled only hours before the bout.

Still, Povetkin (33-1, 23 KOs), a 2004 Olympic gold medalist, was allowed to fight twice in 2017 and won both matches to position himself for a mandatory shot at the March 3 main event winner.

"I'm very excited to be fighting on this huge show," Povetkin said. "I expect to put on a great performance and then go on to fight the Joshua vs. Parker winner later this year."

Price (22-4, 18 KOs), 34, of England has a chance to restore a once-promising career. He was a 2008 Olympic bronze medalist and the 2012 ESPN prospect of the year. But his chin has continually failed him as he has been knocked out in all four of his losses since, including by Christian Hammer in the seventh round last February. Hammer went on to lose a decision to Povetkin in December.

"It is a massive, massive chance for me, and it has come from nowhere," Price said. "I wasn't expecting an opportunity like this to appear, so it was a no-brainer [to take the fight]. It is a big ask for me to go out and win this fight, but upsets do happen in sport. I have been on the wrong end of upsets in boxing, and I think I am due a bit of luck. I have a belief that this fight has come at the right time for me, and I have a belief that I am going to win the fight.

"Without doing myself a disservice, every dog has its day, and I have a feeling that this is going to be my day and everything that has happened has led to this. I have never found myself in this position, where I have been the big underdog and I have everything to gain. I will go in there completely free of any pressure, and I think people will see the best of me for that very reason."

Despite his status as a heavy underdog, Price said winning is on his mind. His career likely depends on it.

"Make no mistake, I am coming to win," Price said. "At first, I was just grateful for the opportunity. But now, in my mind, I have to win this fight. There is plenty to gain and too much upside for me not to win this fight. It could be life-changing. I am desperate to win this fight, and I will do everything in my power to do so. I know it will be a hard fight. Anything can happen in a fight, and I may have to get off the floor to win. It is going to be the hardest fight of my life, but something is telling me it is going to be my night."