Manny Pacquiao; Floyd Mayweather Jr. 
Chris Cozzone/AFP/Getty Images

The mega-fight that the world has been waiting for inches closer to becoming a reality now that Manny "Pacquiao and his promoter Top Rank have agreed to terms for a May 2 bout" with Floyd Mayweather Jr., according to ESPN.com.

The deal is still being hammered out, ESPN notes, and Mayweather has not yet agreed to any terms, even though the welterweight champion has been calling out Pacquiao for weeks now.

According to the sports site, Top Rank Chairman Bob Arum has been using CBS President and CEO Leslie Moonves as a go-between to negotiate a possible fight. Moonves also owns Showtime, which signed Mayweather to an exclusive deal in 2013.

"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 told ESPN.com.

A source involved in the negotiations told ESPN.com that "Pacquiao has agreed to a 40 percent cut of the revenue, leaving Mayweather with the remaining 60 percent of a fight most believe will shatter every boxing box-office record."

Advertisement

Top Rank also gave in on the date of May 2, Cinco de Mayo weekend, which was requested by Mayweather—who has begun calling the date "Cinco de Mayweather"—even though the boxing promotion company was pushing for a fight between middleweight champion Miguel Cotto and Mexico's most popular active fighter, Canelo Alvarez.

ESPN notes that Pacquiao's camp has agreed to terms, drug testing and specific gloves requested by Mayweather's camp, but Mayweather's attorneys claim that there are terms that still need to be hashed out, although they did not make those issues clear to ESPN.com.

Read more at ESPN.com.