World Boxing Council champion Floyd Mayweather celebrates after beating Robert Guerrero at the MGM Grand Garden Arena in Las Vegas on May 4, 2013.
JOHN GURZINSKI/AFP/Getty Images

In a fight that promises to “make both boxers richer than ever,” Floyd Mayweather Jr. is slated to meet Manny Pacquiao in the ring on May 2 in a long-anticipated welterweight fight, according to the Associated Press.

None other than Mayweather himself announced the event on Friday by posting an image of the signed contract online, the news outlet writes.

“I promised the fans we would get this done and we did,” Mayweather said of the fight that took months of negotiations, AP says.

The event, which will take place at the MGM Grand in Las Vegas, could break boxing financial records as the two biggest stars enter the ring. Mayweather is expected to earn as much as $120 million, while Pacquiao could earn about $80 million, AP says.

Pacquiao was in the Philippines when the news was announced. “It is an honor to be part of this historic event,” Pacquiao said, AP writes. “I dedicate this fight to all the fans who willed this fight to happen and, as always, to bring glory to the Philippines and my fellow Filipinos around the world.”

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The event came together in recent months after the fighters cast aside differences over various issues, including drug testing and television rights, AP says.

Read more at the Associated Press.