The fight is now being referred to in some quarters as "heavy sparring".
It has led to guffaws in a rival sport.
Mixed martial arts icon Dana White, head of the UFC, banged his head on a table in mirth when told of the rules for the bout.
"They're not allowed to knock each other out? How do you enforce that?" said White.
"I'd like to bet that doesn't happen. Can you bet on that? Oh s***, you can't even bet on this fight? I don't even know what to say to that."
"Iron" Mike Tyson was once known as the 'Baddest Man on the Planet', while Jones is one of the great pound-for-pound fighters.
It is 15 years since consecutive losses sent Tyson into retirement, while Jones left the ring two years ago on a winning note.
They won't wear headgear but will don heavier-than-usual 12 ounce gloves which will slow them down.
California State Athletic Commission executive officer Andy Foster said: "Technically there won't be a winner unless a knockout somehow occurs, or either fighter is deemed unfit to continue.
"They can move around and make some money, but I told them if you get cut, it's over."