Manny Pacquiao-Floyd Mayweather is on, reports say

Dubai: The much-anticipated fight between Filipino icon Manny Pacquiao and undefeated American boxer Floyd Mayweather Jr. is on as the two signed a contract on Wednesday, according to reports.

The super-fight could happen on May 2 at the MGM Grand in Las Vegas. According to online reports, the bout will be officially announced on Thursday or Friday US time, with pay-per-view prices expected to cost $100 (Dh367) and a rematch likely to be scheduled for November.

Sponsorship deals are already being sold, the reports say.

A source close to Pacquiao, who refused to be named, said the star is highly optimistic the fight will happen. Though the source couldn't confirm that the deal has already been signed by both fighters, he said Pacquiao feels that Mayweather will most likely make the formal announcement on February 24, the day of his 38th birthday.

"But whether it's a go or not, only Mayweather knows. Let's just wait and see," the source said.