Pacquiao vs Mayweather Fight Date, Location News: Showdown May 2 at MGM Grand Las Vegas

After five years of wrangling, boxing greats Manny Pacquiao and Floyd Mayweather Jr. have finally agreed to a megabuck showdown at the MGM Grand in Las Vegas on May 2 this year.

The agreement ensured that Mayweather will get a 60-40 split advantage on revenues, or a guaranteed earning of a minimum $120 million while Pacquiao will get at least $80 million in what is now being touted as the most lucrative match in the history of boxing.

Mayweather announced the fight through the mobile phone app Shots Friday night. "Mayweather vs. Pacquiao on May 2, 2015, is a done deal," he said.

"What the world has been waiting for has arrived," the still undefeated American boxer said. "I promised the fans we would get this done, and we did. We will make history on May 2nd. Don't miss it! This is the signed contract from both fighters," he said, posting a photo of the contract signed by him and Pacquiao.

Mayweather claimed he initiated the agreement when he made a late-night trip to Pacquiao's hotel in Miami last month after both of them quite accidentally found themselves seated on the opposite side of the ring to watch an NBA game.

"I am glad my decision to meet with Manny and discuss making this fight happen helped get the deal done," Mayweather said in a statement. "Giving the fans what they want to see is always my main focus. This will be the biggest event in the history of the sport. I am the best ever ... and this fight will be another opportunity to showcase my skills and do what I do best, which is win."

Mayweather said he is very confident of winning the fight. "Manny is going to try to do what 47 before him failed to do, but he won't be successful. He will be number 48," he said.

Shortly after Mayweather's announcement, Pacquiao took to Twitter to confirm the fight.

"I am very happy that Floyd Mayweather and I can give the fans the fight they have wanted for so many years," the Filipino boxing icon said. "I dedicate this fight to all the fans who willed this fight to happen and, as always, to bring glory to the Philippines."

On his Instagram account, Pacquiao uploaded a photo of the contract between Mayweather Promotions and Top Rank, which represents him.

"Finally he sign[ed] the contract so the fight is on, this is what I'm talking about that I sign[ed] already before," Pacquiao wrote. "I'm just explaining to the fans and to prove that I'm not lying, I have the fear of the Lord."

Mayweather will come into the ring with an unblemished 47-0 record including 26 knockouts. Pacquiao has 57 wins including 38 knockouts, five loses and two draws.

A clash between the defense-minded Mayweather and the aggressive Pacquiao – the two greatest boxers of their generation – has long been relished by boxing fans worldwide to finally find out who really is the world's best pound-for-pound fighter.

Showtime and HBO will jointly broadcast the fight, which undoubtedly will be the most eagerly anticipated boxing match since the classic 1975 "Thrilla in Manila" between Muhammad Ali and Joe Frazier.

Boxing analysts, however, are not sure whether Mayweather, 37, and Pacquiao, 36, will still be able to dish out the explosive power they once showed in their younger years, adding that the two boxers have evidently lost some of their boxing skills due to aging.

Once considered as the world's best pound-for-pound boxer, Pacquiao lost some ground after a string of defeats to American Timothy Bradley and Mexican Juan Manuel Marquez in 2012. However, he has bounced back with three impressive wins against strong opponents.

A Mayweather-Pacquiao bout was initially planned way back in 2010, but negotiations collapsed after Pacquiao refused to accept Mayweather's proposal for them to undergo random drug testing before the bout. Mayweather made the proposal as he expressed suspicion that Pacquiao was taking performance-enhancing drugs, enabling him to win world titles in an unprecedented eight weight classes.

Pacquiao eventually yielded to Mayweather's fight terms, thus finally clearing the way for the holding of one of the world's greatest boxing events.