Floyd Mayweather and Manny Pacquiao, widely considered their generation's best pound-for-pound fighters, will finally fight each other on May 2 at MGM Grand, Mayweather announced Friday.
Terms of the deal have yet to be announced. Last week, The Telegraph reported a deal worth $250 million had been reached.
"Everyone involved, including Floyd Mayweather and Manny Pacquiao, knows this fight simply had to happen," said Showtime executive vice president and general manager Stephen Espinoza. "All of us are thrilled to be able to deliver this event to boxing fans around the world."
Such reports, however, have circulated for years, frequently fueling excitement for a matchup but also frustration when a deal failed to materialize.
Pacquiao told reporters on Tuesday that a deal was near after he agreed to undergo drug testing and suggested a $5 million fine if he tests positive for anything. Two days earlier, while at the NBA All-Star Game, Mayweather had denied reports that a fight had been set.
Talks between Mayweather and Pacquiao seemed to pick up steam in late January, when both attended the same Miami Heat game and were seen talking to each other. They reportedly met at a Miami hotel after the game to discuss a deal. Mayweather later posted a video to his Instagram account in early February in which he told Pacquiao that they "have to make this fight happen."
Mayweather, 37, holds a 47-0 record with 26 KOs after he beat Marco Maidana in September. Pacquiao, 36, is 57-5-2 with 38 KOs after he defeated Chris Algieri in November.
GALLERY: MANNY PACQUIAO's BIGGEST FIGHTS
- Mike Fiammetta