Magagane and Mokoena will meet for the vacant Gauteng lightweight title at Blairgowrie Recreation Centre in Randburg, north of Johannesburg, on October 23.
This is a must-see bout that will headline the second tournament of Andile Xaka's Supreme Boxing Promotion.
The unforgettable fight between Hearns and Hagler took place at Caesars Palace - then the epicentre of the fight game - on April 15 1985.
Hearns was the lanky former Olympian, the most celebrated graduate of accomplished trainer Emanuel Steward's Kronk gym in Detroit in the US.
Hearns had quick hands and was a feared, smart finisher, while Hagler was an out-and-out middleweight - a naturally stronger man in that division.
Hagler decided the outcome of the fight with his gloved 'rocks' when he reduced the lean, coiled power of Hearns into reluctant impotence in just three rounds.
The spotlight now falls on Magagane, a 22-year-old lanky fighter who is built just like Hearns. Magagane is trained by Alan Toweel Junior in Linden, Johannesburg.
Mokoena, 25, who shaves his head clean just like Hagler and also has the similar go-kill attitude, is trained by Keith Rass in Eldorado Park. Both fighters are undefeated after five and six fights, respectively. Mokoena is rated No 3, while Magagane is placed 10th in Boxing SA's latest rankings.
Magagane dropped jaws at that venue with his stupendous performance against Gift Bholo in July, while Mokoena blasted Sam Sithole away in two rounds at Emerald Casino in Vanderbijlpark, also in August. Xaka has featured Chris "Tyson" Monyai in an international six-rounder in the junior middleweight division against Congolese Fortune Muyumba.
Hloni "Superstar" Maboko will meet Anthony Moloisane in the lightweight class, also over six rounds, while Wynand Mulder and Kongola Tshimanga from Congo will meet in the middleweight over four rounds.
Vus'Umuzi Nyawuza and Thato Bonokwane will do battle in the junior featherweight contest.
Xaka said action will begin at 2pm.