George Foreman was impressed by what he saw on Saturday night, when Mike Tyson entered the ring at the age of 54. (Photo by Joe Scarnici/Getty Images for Triller)

Tyson, who retired from the sport in 2005, fought Roy Jones Jr. to a split draw in their eight round exhibition, which took place at Staples Center in Los Angeles.

Foreman, a two-time heavyweight champion, is still the record holder for being the oldest boxer to capture the heavyweight crown. In 1994, a 45-year-old Foreman knocked out Michael Moorer in ten rounds.

Tyson has not expressed any interest in competing in fully sanctioned fights, but he's very interested in moving forward with more exhibition bouts.

The fight with Jones was fought with two-minute rounds and 12-ounce gloves.

Based on what he saw, Foreman, now 71-years-old, believes Tyson has the potentially to work his way to a level where he's capable of mixing it up with the top fighters of his weight class.

"If he gets in shape like he's in now, gets his timing back, and all the other things fall into place, he can have an opportunity to fight for the title. If he can be managed right, the right champion will come to him. And if the right one comes, he can knock him out," Foreman told USA Today.

"Tyson looked great, he really did. And Roy Jones had to use every old skill out of the book to keep himself from being knocked out. I just couldn't believe what I saw. And that was just an exhibition. Just think if [Tyson] had some activity the last two years. He'd be in line to be the champion of the world again at 54, 55.

"You have to have a really good manager to navigate you who to fight and who not to fight. But if he gets someone who can do some creative moves, he can be in the big time quickly."