The two fighters will meet on May 4 at the Mandalay Bay Casino in Las Vegas for the WBC and WBA super welterweight championships.
Said Bob Arum, head of promoter Top Rank, which is jointly staging the fight alongside Main Events: "The deal is complete.
"The fighters have agreed to the purses and we have scheduled a press conference in Los Angeles next Wednesday for the formal announcement."
De La Hoya is set to pocket $14m (EUR15.7m) from the fight, plus a cut of pay-per-view revenues. Vargas will also take a cut of revenues, plus a $6m (EUR6.7m) payment.
Promoters for the bout between Oscar De La Hoya and Fernando Vargas have agreed terms and set a date for the showdown.
