Mayweather-Pacquiao bout set for May 2

Las Vegas, NV ( - The blockbuster fight years in the making is finally on, with Floyd Mayweather Jr. and Manny Pacquiao officially scheduled to meet May 2 at MGM Grand in Las Vegas.

The welterweight bout between boxing's two biggest draws of this era will almost certainly be the richest in the sport's history as well. The Associated Press reported that Mayweather is expected to gross in the neighborhood of $120 million, with Pacquiao likely to receive a sum of approximately $80 million.

Mayweather posted a picture of a signed contract Friday on the social media platform Shots, having negotiated with Pacquiao's promotion, Top Rank, for the rights to be the first to announce the mega-fight.

"What the world has been waiting for has arrived," Mayweather wrote. "Mayweather vs. Pacquiao on May 2, 2015, is a done deal. I promised the fans we would get this done, and we did. We will make history on May 2nd. Don't miss it!"

Both fighters will put 147-pound titles on the line, with the still unbeaten Mayweather holding the WBC welterweight belt and Pacquiao owning the WBO welterweight crown.

The much-anticipated matchup had been in the works for five years, but disagreements between the two camps over compensation and several other issues prevented it from coming together.

Mayweather (47-0, 26 KO), coming off a unanimous decision in a rematch with Marcos Maidana in September, will turn 38 on Feb. 24. Pacquiao (57-5-2) is two years younger, but also considered the more battle-worn of the two.

Pacquiao, the only boxer to capture world titles in eight different weight divisions, went through a career downturn after suffering consecutive losses in 2012, including a knockout defeat to Juan Manuel Marquez. The popular Filipino has since gotten back on track with wins in three straight bouts.

Mayweather has won world titles in five separate classes over the course of his illustrious career.