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Pacquiao (61-7-2, 39 KOs), who turned 40 in January, has seemingly turned back the clock over the past year with a stoppage of Lucas Matthysse that ended a nine-year gap between knockouts and a dominant decision win over Adrien Broner in January.
The fight against Thurman (29-0, 22 KOs) who was stripped of his WBC title during his absence, retained his WBA belt and will look for his sixth title defense.
PBC also announced that super middleweight world titlist Caleb Plant will make his first defense against Mike Lee, a light heavyweight who will move down in weight.
Plant-Lee will also take place July 20 but air as the main event of a PBC on Fox event that will lead into the pay-per-view telecast.
Plant (18-0, 10 KOs), 26, who resides in Las Vegas, won a 168-pound world title by unanimous decision against Jose Uzcategui on Jan. 13 in Los Angeles in a fight in which Plant scored two knockdowns.
Lee (21-0, 11 KOs), 31, of Chicago, gained fame as a Subway sandwich pitchman and also received tremendous publicity earlier in his career for giving up a potential career on Wall Street after graduating from Notre Dame to box professionally. He has fought his entire career in the 175-pound light heavyweight division but will come down in weight for by far the most notable fight of his career.