Mayweather, Pacquiao agree on much-awaited welterweight bout

The long-awaited and much anticipated welterweight bout between unbeaten U.S. boxing champion Floyd Mayweather and Filipino boxer and politician Manny Pacquiao has been agreed upon, according to a source.

A source has revealed that Mayweather and Pacquiao have agreed to have boxing bout and a date and location for the same have already been set.

The source revealed that the formal agreement has not been signed but everyone expects the signatures soon, and negotiators are putting finishing touches on the deal, TMZ.com reported.

Mayweather and Pacquiao had been trying to hammer out a deal for a while to square off at the MGM Grand in Las Vegas on May 2nd.

Manny had agreed to his contract weeks ago and it had been left all up to Mayweather to sign on the dotted line.

However, now it has been revealed that the deal is done, with the two sides expected to make a formal announcement in the coming days, the report added.