Manny Pacquiao has agreed to a fight with Floyd Mayweather Jr

The boxing world has been waiting for the two multi-weight world champions to face off for over five years and, after a number of near-misses, it appears the bout will finally go ahead.

Vice president of Top Rank - Pacquiao's promoter - Carl Moretti told ESPN.com that they have signed off on a fight on May 2 at Las Vegas' MGM Grand Garden Arena.

"Top Rank and Manny have agreed to the terms on our side," Moretti said.

"I don't know about the other side."

Pacquiao has 57 wins, five losses and two draws from his 64 career fights, while Mayweather Jr remains undefeated from 47 bouts.

They have never met in the ring.