Manny Pacquiao
Boxer Manny Pacquiao had earlier hinted that Floyd Mayweather was afraid of fighting him and risking his undefeated record.Reuters

The much awaited fight between welterweight champions Floyd Mayweather Jr. and Manny Pacquiao finally seems to be on the cards as the latter has reportedly agreed to get in the ring with the former on 2 May.

Top Rank (Pacquiao's promoter) vice president Carl Moretti has confirmed that the 36-year-old Filipino boxer has agreed to the fight, although he admits that he doesn't know whether Mayweather has also done the same.

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

According to Yahoo Sports, Top Rank chairman Bob Arum claims that Mayweather's representatives have also agreed to the fight. But no one representing the undefeated five-division world champion has confirmed Arum's claims to be true.

If the fight does eventually take place, it will be held on 2 May at the Grand Garden Arena in Las Vegas, according to Moretti.

It is believed that Pacquiao has agreed to take 40 percent of the earnings from the fight, which is expected to smash every boxing box office record in terms of pay-per-view and gate revenue.

This split in revenue means that Mayweather could earn around $120 million from the highly-anticipated fight.

However, tickets to this event will not come cheap as prices are expected to be scaled to an all-time high so that the promoters will be able to pay the mammoth salaries of the two boxers.

The highest ticket of the MGM Grand Garden is expected to rise up to $5,000 so that a live gate revenue of $40 million can be produced in the arena.

A $40 million live gate revenue would double the previous record of $20,003,150 set at the MGM during Mayweather and Canelo Alvarez's fight in 2013.

Despite refusing to discuss the details of the fight, Arum claims that Pacquiao is in agreement with all the terms.

"I want to get some movement here, with bringing Mayweather to the table so we can go out and get everything signed and get the networks together and get the thing finished," Arum told Yahoo Sports.

Although earlier there were suggestions of Arum trying to force Mayweather to agree to the fight, the 83-year-old insists that he is not doing anything of the sort.

"I'm not trying to force anybody's hand, I'm just saying, 'Hey, we've agreed to everything, period,' " Arum told Yahoo Sports.

"The people we have talked to on Mayweather's side have agreed to everything. Now we need Mayweather to step up and say, 'Yeah, I'm on board. I agree.'

"I'm not going to put a deadline on there. I'm just going to hope that everybody does the right thing and we get this concluded."