When the eight division world champion arrived back in the Philippines on Monday, November 24, after successfully defending his WBO Welterweight title against Chris Algieri in Macao, China, Pacquiao held a press conference with details concerning the planned negotiations.
"Negotiation is now underway to finalize the fight between me and Floyd Mayweather hopefully to happen in May of next year," the Filipino Congressman told media members in attendance.
According to the Filipino based periodical, Pacquiao also disclosed that he's been offered a guaranteed $80 million for the proposed mega fight, while Floyd Mayweather Jr. is allegedly being offered a whopping $100 million, easily making the projected prizefight the most lucrative event in the history of boxing.
Longtime Pacquiao advisor Michael Koncz also confirmed that talks are indeed taking place, but is a bit weary concerning Mayweather's overall intentions on the anticipated 2015 bout.
"Until I hear something from Floyd, I don't hold high hopes," stated Michael Koncz to the Manila Bulletin.
"I don't want to throw out any numbers because that could hurt negotiations, but we're not expecting to take the lion's share of the proposed purse. So we have to give a little bit to make the fight happen? We're prepared to do that."
"Of course Manny stands to make a substantial amount of money from this fight, but that's not the driving force behind it. He's an entertainer and he just wants to entertain people. That's the primary reason why he wants to make this fight happen."
Bob Arum, who is reportedly meeting with CBS President and CEO Les Moonves today, Tuesday, November 25, about further brokering a deal between Mayweather and Pacquiao, stated that the proposed super fight will be good for the overall health of the sport.
"I think a fight between Manny and Floyd should happen and the fans deserve that fight," stated the 82 year old Hall of Fame promoter. "
In order for boxing to be considered a major sport, the fight with Mayweather has to happen. Everyone should be working together to make that fight happen. There are no excuses anymore. None!! We're ready to make this fight happen!"