Boxing fans are eagerly waiting for Floyd Mayweather Jr. and Manny Pacquiao to finalize their showdown, but reports indicated no deal is imminent at this point.

Michael Koncz, Pacquiao's legal adviser, told Boxing Insider they have been open to finalizing the fight, but he sounded frustrated over the status of the negotiation for the potential record-breaking showdown.

Koncz said they are going to wait for Mayweather to decide until the end of the month. If no deal is finalized after January, Koncz said they will likely consider other options for Pacquiao's next fight.

BoxingScene also reported on Tuesday the UAE Group, which offered $120 million fight purse to both Pacquiao and Mayweather, decided to take their proposal off the table.

Boxing executive Akbar Muhammad, leader of the group who wants to stage the super fight in Abu Dhabi, took a swipe at Mayweather, saying the reigning pound-for-pound king appears unwilling to face Pacquiao despite declaring last month he is ready to face his biggest rival on Cinco de Mayo weekend.

"We want to deal with serious individuals, individuals who have the ability make a decision," Muhammad said. "Regretfully, that is not the case with Mr. Mayweather. The Abu Dhabi group is serious, and I will not allow them to dangle an inordinate amount of time. Now that time has come and the offer is gone."

Hall of Fame boxing announcer Bob Sheridan also told On The Ropes Boxing Radio the fight will happen only if Mayweather is really willing to face the Filipino boxing icon.

"The problem is Mayweather," Sheridan said. "If he wants to have the fight, the fight will happen."

Sheridan said Mayweather is not concerned about his dwindling pay-per-view numbers. The Hall of Famer pointed out the unbeaten champion is confident he will earn a big paycheck against any fighter, which might be the reason why Mayweather is still undecided on facing Pacquiao.

"The PPV numbers will be there, there's no question about that, but he doesn't seem to care about that because he can generate PPV numbers on his own," Sheridan said.

But if the super showdown between the two best boxers of their generation happens in May, Sheridan sees Mayweather winning against Pacquiao. He pointed out Pacquiao's reputation has been tainted by his sixth-round knockout loss to Juan Manuel Marquez in December 2012, while Mayweather has yet to taste defeat in 47 fights.

"He's lost some credibility with the public when he got hit with that one punch by Juan Manuel Marquez, but that can happen in boxing," Sheridan said of Pacquiao. "It hasn't happened to Floyd Mayweather but it has happened to Pacquiao."

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