Finally! Floyd Mayweather and Manny Pacquiao 'agree' $250m May 2 superfight

Finally. The wait is over. Floyd Mayweather and Manny Pacquiao have, according to The Daily Telegraph, agreed to their lucrative megafight in Las Vegas on May 2.

Just last month, Pacquiao's promoter Bob Arum said they were "a couple days" from completing the biggest deal in boxing history. That statement followed Mayweather's public calling out of his rival.

But since then, all has been quiet from Top Rank chief Arum despite Pacquiao and Mayweather's recent meeting at Miami Heat basketball game.

Now, though, the Telegraph is claiming that all the details have been now agreed with the fight, reportedly worth $250million, to be announced in the next few days.

Pacquiao had been lining up back-up plans in case Mayweather decided to go elsewhere for his next fight, and despite claims that a deal is done, many are remaining cautious.

Mayweather is in New York for this weekend's NBA All-Star Game and may announce the fight before tipoff, according to the Telegraph.

If agreed to, the fight would take place May 2 at the MGM Grand Garden Arena in Las Vegas, a venue that has staged Mayweather's last 10 fights and five of Pacquiao's last seven. The purse of $250million would be a 60-40 split in favour of Mayweather.

Stephen A. Smith of ESPN says if the deal is not done this weekend, it's not happening for awhile.

News of an imminent announcement will come as exciting news for the boxing world who have waited five years to see the two best pound-for-pound fighters go toe-to-toe.

One man who won't be happy though is British boxer Amir Khan who had targeted a fight with either man after this impressive win over Devon Alexander.

Khan met with his former sparring partner Pacquiao last month to discuss a possible bout, but was always seen as a back-up option for the Filipino, who has been calling out Mayweather for some time.