"I have wanted to bring a major boxing event to North Texas for many years, so why not bring in the biggest and the best?" Cowboys owner Jerry Jones said in a statement.
"Manny Pacquiao is boxing's number one pound-for-pound attraction and the world champion," Jones added.
The new $1.2 billion stadium will seat 40,000 for the pay-per-view bout and Arum said in a statement he was delighted with the venue.
"Manny Pacquiao is the lone star of boxing," he said, referring to the nickname of the state of Texas.
"There isn't a more appropriate place in the world for him to fight."
(Reporting by Gene Cherry in Salvo, North Carolina. Editing by Nick Mulvenney)