Report: Floyd Mayweather, Manny Pacquiao Come to Terms for Megabout

---

After what seems like an eternity, Floyd Mayweather Jr. will fight Manny Pacquiao on May 2 in Las Vegas.

Multiple sources have told TMZSports.com that the fight is indeed a done deal.

It was recently reported that the Filipino fighter and his promotional company, Top Rank, had signed off on a May 2 date at the MGM Grand Garden Arena in Las Vegas, but Mayweather had yet to agree to the deal.

Along with the tentative date of the fight, Pacquiao had reportedly agreed to receiving 40 percent of the revenue earned from the fight. This would leave the remaining 60 percent to Mayweather.

The rumors of the bout coming to fruition came to a head earlier this week, when both boxers were in attendance at a Miami Heat game, culminating in the two having a private meeting to discuss the logistics of putting the bout together.

Pacquiao was last in action against Chris Algieri in Macau, China, easily dispelling of the New Yorker via unanimous decision to win his third consecutive fight. Mayweather hasn’t been in the ring since his rematch against Marcos Maidana in September.

At 9:27 p.m. ET/6:27 p.m. PT, TMZSports.com issued this update to its original story: “A source involved in the negotiations says both fighters have agreed to fight and a date and location (Las Vegas) have already been set.”

The source says the formal agreement has not been signed but everyone expects the signatures “soon.” Negotiators are putting “finishing touches” on the deal.”

Editor's note: this item was updated at 9:50 p.m. ET to include information from a TMZ source.