Mayweather and Pacquiao2

Floyd Mayweather (left) and Manny Pacquiao (right).

The fight that has been on hold for the past seven years may be closer to happening than ever.

According to ESPN, Manny Pacquiao and his promoter, Top Rank have agreed to terms for a May 2 fight against Floyd Mayweather, although Mayweather has yet to confirm.

Pacquiao has agreed to a 40 percent cut of the revenue, leaving Mayweather with the remaining 60 percent, according to ESPN.

If this fight happens, it is projected to be the biggest fight in boxing history.  Mayweather currently holds the all-time pay-per-view buy record of $2.4 million for his fight with Oscar De La Hoya, the all-time pay-per-view revenue record of $150 million for his bout with Canelo Alvarez, and the all-time gate record of $20 million also against Alvarez.

If the Pacquiao fight does happen, it would take place May 2 at the MGM Grand Garden Arena in Las Vegas.  Mayweather has had his past 10 fights there, while Pacquiao has had five of his past seven fights in Vegas.

Drug testing was believed to be one of the impediments to a matchup between the pair. However, this time around, Pacquiao has subjected himself (and his opponents) to random testing by the Voluntary Anti-Doping Association for all of his most recent fights, Top Rank vice president Carl Moretti told ESPN.  Pacquiao has even agreed to use the United States Anti-Doping Agency, which Mayweather and his opponents have been using for years.

Mayweather, who turns 38 in February, has a record  (47-0, 26 KOs,) while Pacquiao, 36, is (57-5-2, 38 KOs.)