Eight-division boxing world champion Manny Pacquiao will finally face in the ring ten title-holder Floyd Mayweather Junior for perhaps a record prize on May 2, after half a decade of talks, disappointment and near misses.

Mayweather formally disclosed the fight on Friday, announcing the fight will happen in the Las Vegas MGM Grand.

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He posted an image of the deal, showing his and Pacquiao's signature, at his Shots page, announcing that what the world has been waiting for has arrived. He added it was a done deal and make history on May 2.

In a statement, Pacquiao said he is very happy that Mayweather and him can give boxing fans the fight they have been waiting for so long, adding it is his honor to take part in this historic boxing event.

Mayweather, the no-loss pound-for-pound king, would reportedly receive a 60-40 share in earnings, which could translate to US$80 million for Pacquiao, 36, and at least US$120 million for Mayweather, 37.

Unprecedented pay-per-view sales and live paid gate are also expected for the fight between the boxers who have been hailed as the most talented in their generation.

Pacquiao (57-5, 38 KOs) has to his name 10 titles, including the current World Boxing Organization welterweight belt, besides the fact he is the sole eight-division world champion.

On the other hand, Mayweather (47-0, 26 knockouts) has ten world titles, a five-division world champion and he owns the World Boxing Association and World Boxing Council welterweight belts as well as the WBA junior and WBC super welterweight middleweight titles.

The match was nearly set in December six years ago, but talks bogged down when promoter Bob Arum and Pacquiao turned down Mayweather's demand that drug testing by the U.S. Anti-Doping Agency be part of the training regimen. In the next six years, several attempts to make the bout official but they failed.

In 2002, reports said Mayweather called Pacquiao in the Philippines with a proposal of a guaranteed US$40 million payout without earnings from pay-per-view. Pacquiao, an elected legislator of the Philippines, turned it down.