By Sandra Rose  | 

Martin Rose/Bongarts/Getty Images

Boxing legend George Foreman is going public with extortion attempts by two women who alleges that he sexually abused them.

The former heavyweight champion says the women are trying to extort him out of millions of dollars.

Sources close to Foreman tell TMZ Sports that a lawsuit is expected to be filed in Los Angeles this week by two women.

In a case that sounds similar to convicted R&B singer R. Kelly, the two women's fathers apparently had a working relationship with Foreman decades ago.

The lawsuit, according to TMZ sources, claims Foreman, 73, sexually abused the women in the 1970s.

TMZ sources say the women are asking for $12.5 Million each in what Foreman believes to be an extortion plot.

"Over the past six months, two women have been trying to extort millions of dollars each from me and my family," Foreman said in a statement issued on Wednesday.

"They are falsely claiming that I sexually abused them over 45 years ago in the 1970s."

"I adamantly and categorically deny these allegations. The pride I take in my reputation means as much to me as my sports accomplishments, and I will not be intimidated by baseless threats and lies."

He continued" "I am, and always will be, guided by my faith and trust in God. I will work with my lawyers to fully and truthfully expose my accusers' scheme and defend myself in court. I don't pick fights, but I don't run away from them either."

The two-time heavyweight champion boxer is best known today as a pitchman for the George Foreman Grill. He reportedly has a net worth of around $300 million.

Foreman has 12 children: five sons (all named George) and seven daughters.