Manny Pacquiao Agrees to a Blockbuster Fight with Floyd Mayweather

A blockbuster fight is in the works.

Sources reported that Manny Pacquiao and his promoter company, Top Rank, have agreed to fight Floyd Mayweather Jr. Mayweather has yet to respond. The story was first reported by Yahoo! Sports' Kevin Iole.

"Top Rank and Manny have agreed to the terms on our side. I don't know about the other side," Top Rank vice president, Carl Moretti said to ESPN.com.

Iole wrote: "[Promoter Bob] Arum said Mayweather's representatives have also agreed to the deal but have not been able to get Mayweather's agreement. However, there is no verification from anyone representing Mayweather whether Arum's side is accurate."

According to a source, Pacquiao would receive a 40 percent cut of the revenue. If Mayweather agrees, he would get the remaining 60 percent. Sources close to the Pacquiao side reported that both parties have drafted contracts. The Pacquiao camp has agreed to these terms whereas the Mayweather camp is addressing some open issues.

Sources with knowledge of the Pacquiao side also stated that everything, from gloves to drug testing, was agreed upon in the contract. Each fighter will be allowed to pick his own brand of 8-ounce gloves. Pacquiao's camp has also reportedly agreed to use the United States Anti-Doping Agency.

"I think that Manny agreed to USADA testing shows you his eagerness to make this fight," Moretti said.

In 2009 through to 2010, both groups were negotiating a fight between the two fighters. One of the terms that the Mayweather camp wanted was random Olympic-style drug testing, which Pacquiao declined. The negotiations ultimately fell through.

"The point is that I don't want what happened the other times to happen again. I want this fight to actually happen. I want everybody to make a lot of money on the fight. I want the public to be satisfied. And I think it will be a terrific event. That's what I want, and I've done everything in my power to make that happen," Arum said. "I think Manny has been very reasonable and demonstrated that he wants the fight to happen. Now, we're waiting on Floyd. That's not to say that Floyd has been obstinate, that Floyd won't do it, but we're waiting on him."

The pair of welterweight champions has never met in the ring before. Many believe that this potential meet up could break every boxing box office record.

The all-time pay-per-view buy record is $2.4 million for the fight between Mayweather and Oscar De La Hoya. The pay-per-view revenue record is at $150 million for the fight between Mayweather and Canelo Alvarez. The all-time gate record is $20 million (Maywethaer versus Alverez).

If both parties reach an agreement, the fight would take place at the MGM Grand Garden Arena in Las Vegas on May 2. Mayweather has had 10 fights and Pacquiao has had five fights at this location.