Pacquiao vs Mayweather Fight Finalized? Boxing Superstars Agree to $250 Million Bout

Boxing superstars Floyd Mayweather Jr. and Manny Pacquiao has reportedly agreed to face each other on May 2 in Las Vegas - a fight that is reportedly worth around $250 million, The Telegraph reported.

According to The Telegraph, a source close to Pacquiao revealed that the Filipino boxing icon has already signed a fight contract for the May 2 showdown. Pacquiao is now just waiting for Mayweather to sign the deal and announce the fight anytime soon.

"Manny has 100 percent signed his side of the deal," the source told The Telegraph when asked about the long-awaited super fight. "It is now over to Mayweather to close the deal and announce the fight."

Mayweather, who holds a perfect 47-0 record with 28 knockout victories, is currently in New York. Reports indicated that the reigning pound-for-pound king might announce the fight before the 2015 NBA All-Star Game on Sunday at Madison Square Garden, knowing that millions of sports fans worldwide will be watching the yearly spectacle.

Pacquiao, who has been very optimistic about the fight over the past several weeks, also told GMA News, a local network in the Philippines, on Thursday that the May 2 fight is a done deal.

The Filipino boxing icon said that the promoters are just waiting for Mayweather to put his signature on the dotted line. Pacquiao also added that they agreed that Mayweather's camp will be the one to decide on when to announce the deal.

Previous negotiations for the fight did not come to fruition as the two camps failed to settle several issues. In 2009, the bout was reportedly a done deal, but Pacquiao reportedly protested the required random drug testing, believing that it would put him at a disadvantage on fight night.

The two camps engaged in more talks to stage the super fight, but the split on fight purse became an issue as both fighters reportedly want the bigger share of the pie.

But in a significant development earlier this year, Pacquiao reportedly agreed to a 60-40 split on fight purse and volunteered to undergo random drug testing before the fight. The rivalry between Showtime and HBO was also an issue before, but the two giant networks reportedly agreed to settle their differences to finalize the fight.

Pacquiao and Mayweather also had a face-to-face meeting last month in a hotel in Miami after they unexpectedly met in an NBA game between the Miami Heat and Milwaukee Bucks. During the meeting, sources indicated that Mayweather expressed strong desire to make the fight happen before the two of them decide to call it quits.