The long-awaited dream showdown between Manny Pacquiao and Floyd Mayweather Jr. might finally become a reality as Top Rank Promotions CEO Bob Arum announced that the Filipino boxing icon has agreed to the terms.

Arum told Yahoo Sports that Pacquiao has already accepted the proposed terms for the fight. The famed promoter also hinted that Mayweather's representatives have also agreed to the deal, but the super showdown will not be finalized unless Mayweather signs the contract.

Previous reports confirmed there are ongoing negotiations for the potential record-breaking showdown, but both camps have been mum about the status of the discussion before Arum spoke on Tuesday.

Arum said that he decided to let the public know about the progress not to force Mayweather to accept the deal, but to make boxing fans aware that Pacquiao is really determined to face the reigning pound-for-pound king, who holds an immaculate 47-0 professional boxing record.

"I'm not trying to force anybody's hand, I'm just saying, 'Hey, we've agreed to everything, period.' The people we have talked to on Mayweather's side have agreed to everything. Now we need Mayweather to step up," Arum said.

Sources told Yahoo Sports that the fight will be scheduled on May 2 at MGM Grand Garden Arena once Mayweathers put his name on the dotted line.

Pacquiao has reportedly agreed to a 60-40 purse split, and both fighters will undergo random drug testing, which were two of the reasons why previous negotiations for the fight went down.

Pacquiao previously declined to undergo drug testing, fearing that it would affect his strength on fight night.

Arum admitted that Pacquiao made a mistake by not agreeing to such stipulation, but the 83-year-old promoter said that the eight-division champion is now very open to it.

Mayweather also has an exclusive deal with Showtime, while Pacquiao is under contract with HBO. The two networks are also expected to reach a joint agreement, similar to what they did before during the heavyweight title fight between Mike Tyson and Lennox Lewis.

When asked about rumors suggesting that they will give Mayweather until the end of the month to decide, Arum said that they have not set a deadline, but he is hoping that the unbeaten welterweight and junior middleweight champion will eventually accept the fight terms soon.

"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," Arum said. "It would be really sad if we went through this stuff again like we did before.

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