Manny Pacquiao
Manny Pacquiao clash with Floyd Mayweather is close to getting official

Manny Pacquiao vs Floyd Mayweather clash has finally being agreed upon for the May 2 bout at MGM Grand in Las Vegas.

After the fight was announced some months ago, boxing fans around the world were excited about the affair, which would see two of the greatest boxers of modern times go head to head for what has been termed as the "fight of the century" as well.

As revealed by the Sunday Telegraph, a source close to Pacquaio, stated that the Filipino has agreed to the contractual agreements and the American is set to agree upon the mega $250 million (£162 million) deal.

"Manny has 100 per cent signed his side of the deal," the source told Telegraph Sport. "It is now over to Mayweather to close the deal and announce the fight."

With the Filipino already having started to practise for the mega bout, the fight does seem to be getting ever closer than before.

The American was present during the NBA All Star Saturday Night. He is expected to sign the deal and the fight could be even made official before the NBA All Star game at the Madison Square Garden prior to the tip-off between the Western Conference and Eastern Conference tomorrow night.

It was no secret that both the boxers were eager to fight one another as the American had even visited the Filipino in a hotel suite in Miami and talk about the bout, which he revealed through an Instagram video post.

"I congratulate him on his career," Mayweather says in the video.

"He had a wonderful career and I had a wonderful career, but before we leave the sport, of course we have to make this fight happen."

On the other side, Pacquiao had been eager to take on the American ever since talks began for the mega fight. The Filipino had agreed earlier to all the demands that were put forward by the American's camp.

There have been so much talks leading to the fight that despite media reports claiming the deal having being struck, one may not be sure unless the fight is made official.

If the fight does take place, it is going to be one of the highest revenue earning bouts in boxing history as well.

In fact, it was the contract, which both these boxers had with their respective networks; HBO with Pacquiao and Mayweather with CBS owned Showtime, which was creating an obstacle.

But, reportedly, it has been understood that both broadcasters will air a joint pay-per-view event.