Floyd Mayweather will fight Manny Pacquiao in Las Vegas in May

The long awaited mega bout between Floyd Mayweather Jr and Manny Pacquiao, which has been more than five years in the making, will take place in Las Vegas on May 2nd, Mayweather has announced.

Showtime and HBO will jointly broadcast the bout, which is one of the most eagerly anticipated in boxing since the classic 1975 'Thrilla in Manila' between Muhammad Ali and Joe Frazier.

However, both Mayweather, 37, and Pacquiao, 36, are in the twilight of their respective careers and most pundits say they have lost some of their skills in the ring.

"What the world has been waiting for has arrived," American Mayweather, who has a perfect record of 47-0 with 26 knockouts, said on the social networking website Shots. "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!"

Pacquiao said in a statement: "I am very happy that Floyd Mayweather and I can give the fans the fight they have wanted for so many years. They have waited long enough and they deserve it.

"It is an honour to be part of this historic event. I dedicate this fight to all the fans who willed this fight to happen and, as always, to bring glory to the Philippines and my fellow Filipinos around the world."

The welterweight showdown in Vegas is projected to be the most lucrative ever in boxing with Mayweather expected to have a 60-40 split advantage on revenues, earning a minimum of $120 million and Pacquiao at least $80 million.