The 40-year-old rocker is unhappy that Drew McConnell quit his band Babyshambles to join Liam's backing band for his solo tour and he wants to sort out his differences with the 'Wall of Glass' hitmaker in the ring.
In an interview on 'Phil Taggart's Slacker Podcast', Pete said: ''Me and Liam should have a sponsored boxing match and the loser gets Drew. People would pay wouldn't they, we could make a fortune for ourselves and for good causes.
''I'd have to find a sparring partner, but where am I going to find a Mancunian with size three feet to spar with? I'm six foot one-and-a-half, according to the last time I got arrested.''
And the 'Can't Stand Me Now' singer also has another score he wants to settle with Liam, 46, as he's still angry with the rock legend him for calling him a ''big c**k'' when on stage with Oasis at the V Festival in 2005 in response to Pete missing a support slot on the band's 'Don't Believe The Truth Tour'.
The Libertines star added: ''I do owe him one though, he needs a slap, because once at the V Festival there was a giant inflatable penis in the crowd and he went, 'I'm glad to see Pete Doherty could make it.' ''
Liam has never been a fan of Pete and the pair have a connected history as they both have children with singer/songwriter Lisa Moorish; Liam has 18-year-old daughter Molly and Pete has teenage son Astile.
Previously criticising Pete for his heroin addiction, Liam said: ''What does the word Libertine mean? Freedom! He's in the corner doing smack with a helmet on his head. There's nothing free about that. It's nasty.''
After first securing the services of Drew for his own band, Liam praised the bassist for being able to stay in Babyshambles with Pete.
He said: ''Drew is f***ing talented. To keep the f***ing Babyshambles thing going he's gotta be pretty headstrong, you know what I mean.''
His new album Underneath It All is out now.