Photo: Naoki Fukuda

Bud and the Ice Man are ready for action.

Both Terence Crawford and Viktor Postol have agreed to terms on a junior welterweight unification match set for July 23 at the MGM Grand in Las Vegas on HBO PPV, Top Rank CEO Bob Arum told RingTV.com on Monday.

Arum said both Crawford and Postol are in possession of the contracts, which he expects to be returned later in the week. Arum has a press conference planned for May 10 in Los Angeles. “The terms have been agreed to, the contracts are out and we’re (finalizing) the final details before they sign,” Arum said in a phone interview. “It’s a terrific fight.”

Gilberto Ramirez (34-0, 24 knockouts) is expected to make the first defense of his WBO super middleweight title on the July 23 undercard, Arum said in the phone interview. He’s also working on two other fights for the PPV that he declined to elaborate on.

Arum also told RingTV.com a proposed exhibition between Roberto Duran and Julio Cesar Chavez Sr. for the July 23 undercard has been canceled. Arum had talked of putting together a two-round exhibition between the two legends with 16-ounce gloves and headgear. Chavez, a three-division champion, turns 54 on July 12 and Duran, a four-division champion, 65 on June 16.

“It’s too problematic with the Nevada commission because of the ages of the fighters, particularly Duran,” Arum said. “They want full fighter physicals. So I don’t blame the commission. That’s what they told us, so I said let’s just forget about it.”

Crawford (28-0, 20 KOs) turned himself in to the Omaha, Nebraska police on Friday on charges of theft of services, criminal mischief, assault in the third degree and trespassing, all misdemeanors — related to an incident at an auto shop earlier this month. The 28-year-old was cited and released the same day. Arum doesn’t think Crawford’s legal troubles will have any bearing on the July 23 fight.

Crawford and Postol (28-0, 12 KOs) never looked better than they did in their last fights. Crawford smashed Hank Lundy in five rounds on Feb. 27 to retain his WBO junior welterweight title. Postol pulled the upset by stopping slugger Lucas Matthysse last October in the tenth round to win the vacant WBC title.

The fight on July 23 would seem to represent the toughest assignment for both Postol, RING’S No. 1 junior welterweight, and Crawford, ranked No. 2. Yet, putting a fight between them on pay-per-view may seem like a curious decision. Postol and Crawford are elite talents who have yet to cross over. But HBO has fewer dates than it has in the past because of apparent budget cuts and Arum has decided to take a chance in what is a changed marketplace.