Despite being submitted in just over three minutes at the hands of UFC legend Randy Couture last August, boxing champ James Toney is ready to get back into the cage … just not with the UFC.

Toney announced his return to the octagon over the weekend, during a meet-n-greet photo session at his IFC gym in Van Nuys, Calif… and also revealed that he will be taking on MMA legend, Ken Shamrock.

The current IBA Heavyweight boxing champ signed autographs on Saturday (June 25), and nearly gets into a brawl with the MMA great during an press conference announcing their upcoming fight, in the clip above.

Unlike his MMA debut, Toney — along with partners — are starting their own fight promotion, and will launch it later this year with a headlining match between the two. However, rules will be a little different … with a 30 second restriction on the mat.

Stay tuned for more info, and our exclusive interview with Toney dropping very soon.