Jones, 39, is set to co-promote the showdown with his 36-year-old rival, which could be the final fight for both greats.
If it is the curtain call for the two fighters, it would be fitting that they make it in the famous venue that has hosted legends such as Muhammad Ali, Joe Frazier, Rocky Marciano, Joe Louis and Roberto Duran.
Calzaghe is the king of the super-middleweight division and until earlier this month held the WBC, WBA and WBO titles.
Madison Square Garden is seen as boxing's spiritual home
However, the Welshman chose to give up his WBC super-middleweight belt rather than take the mandatory defence against fellow British fighter Carl Froch, freeing him up for the huge fight against Jones.
Newbridge-based Calzaghe last stepped into the ring against Bernard Hopkins in Las Vegas in April, beating his opponent on points as he made his debut at light-heavyweight.
As well as making him a big box-office draw in the United States, Calzaghe's other reward for victory was the prestigious The Ring light-heavyweight crown.
The Welshman, undefeated in 45 fights, will put that belt on the line when he takes on four-weight world champion Jones.
The expected Calzaghe-Jones bout was welcomed by BBC boxing expert Steve Bunce.
"Purists will say this fight should have taken place five years ago," Bunce told BBC Sport Wales.
"But look at history and some of the greatest of all boxing matches have been held years after people thought they should have.
"This fight will sell regardless, it's a huge match-up."
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