Boxing legend George Foreman says two women have made up claims that he sexually abused them ... all in an effort to extort him out of millions of dollars.
Sources familiar with the matter tell TMZ Sports ... a lawsuit against Foreman is expected to be filed in L.A. this week by two women whose fathers apparently had a friendship and working relationship with Foreman decades ago.
The suit, according to our sources, is expected to allege that Foreman sexually abused the women in the 1970s.
But, Foreman said in a statement on Wednesday that the allegations are flat-out not true.
"Over the past six months," Foreman said, "two women have been trying to extort millions of dollars each from me and my family. 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."
Our sources say Foreman believes the suit and the allegations in it are all part of "a coordinated extortion plot" in which the women have asked him since January to pay them $12.5 MILLION each.
"I am, and always will be, guided by my faith and trust in God," Foreman said. "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."
Foreman -- a former two-time heavyweight champ who went on to create the George Foreman Grill -- piled up a 76-5 record in his boxing career. He reportedly has a net worth of around $300 million.