(Story updated on Oct. 27, 2018 at 6 p.m. ET with comments from ONE Championship CEO Chatri Sityodtong.)

* * * *

The MMA “trade” featuring Demetrious Johnson and Ben Askren has moved forward as planned.

ESPN.com today reported the UFC has finalized terms to release former longtime flyweight champion Johnson (27-3-1 MMA, 15-2-1 UFC) from the company. As a result, ONE Championship has agreed to release Askren (18-0 MMA, 0-0 UFC) from his deal, allowing the two fighters to flip organizations.

Both fighters confirmed the situation on social media (via Twitter):

Sliding my way over to @ONEChampionship

Hey BOSS, time to unblock me 😉

Askren, also a former Bellator welterweight champion, last competed in November, picking up a TKO win over Shinya Aoki in Singapore. At the time, “Funky” said it would likely be his last MMA contest, though he recently took to social media to say there was a “98 percent” chance he’ll still compete in the UFC. Now those odds have been boosted to 100 percent. Askren has made it clear there’s a long list of opponents he’d like to face by calling out nearly every relevant UFC name at 170 pounds.

Meanwhile, Johnson is currently ranked No. 2 in the USA TODAY Sports/MMAjunkie MMA pound-for-pound and MMA flyweight rankings. In August, he ceded his title to current champ Henry Cejudo via split decision. It ended his record run of 11 consecutive title defenses and his tenure as the only 125-pound champion in company history.

Prior to the setback, Johnson admitted he hoped to one day travel and collect titles from organizations around the world. His longtime trainer, Matt Hume, is also a ONE Championship executive.

Johnson and Askren still must sign contract with their new promotions before debuts are set, but ONE Championship CEO Chatri Sityodtong has already issued an official welcome to the former UFC champ.

For more on the UFC and ONE Championship schedules, check out the MMA Rumors section of the site.