Report: Pacquiao-Mayweather all set © Getty Floyd Mayweather has agreed to fight Manny Pacquiao, according to a TMZ Sports report on Friday night. The two sides had been trying to hammer out a deal for a while to square off at the MGM Grand in Las Vegas on May 2, the report states. Pacquiao agreed to his contract weeks ago and Mayweather signed on after a meeting at a Miami Heat game earlier this week. A formal announcement will be made in the coming days, TMZ Sports said. The news comes after promoter Barb Arum said Friday afternoon that he expected a fight between the two to be set in the next few days. Arum told the New York Post on Friday that there is no deal yet, but the two sides are working toward an agreement on a bout that would be the most lucrative in boxing history. Not only did Pacquiao and Mayweather meet in private on Tuesday in Miami, but they were also seen talking at halftime of the Heat-Milwaukee Bucks game Tuesday night. "I think it helped a lot because we were all putting papers together, and there was still a question as to whether Floyd really wanted to do the fight or not," Arum told the Post. "Based on the meeting with Pacquiao in the hotel suite, Manny and (Pacquiao adviser) Michael Koncz were convinced Floyd absolutely wants to do the fight." One of the sticking points in negotiations is the contract that Pacquiao has with Time Warner/HBO and Mayweather with CBS/Showtime. A joint pay-per-view telecast needs to be worked out. "Everybody is doing the right thing," Arum said. "We're looking to complete the paperwork. Everything is moving in the right direction. Hopefully, the next couple of days it will get done." The 36-year-old Pacquiao is 57-5-2 with 38 knockouts. Mayweather, 37, has a 47-0 record with 26 knockouts. Attempts through the years to negotiate a showdown between the two fighters have fallen though, but it appears the much anticipated showdown will, in fact, happen. .