Manny Pacquiao's promoters have declared that everything has been agreed to on their end. They are now waiting for Mayweather to put his signature to the contract.
However Mayweather has yet to agree to the contest, which would be on May 2 at Las Vegas' MGM Grand, and many commentators feel the fight will still not take place.
Carl Moretti, vice president of Top Rank, said: "Top Rank and Manny have agreed to the terms on our side. I don't know about the other side.
Pacquiao says he is willing to face his great rival after years of the pair avoiding each other and it is believed he has accepted a 40 per cent cut of what will be the richest fight in history.
The Filipino has also agreed to Mayweather's demands for drugs testing, which has been an obstacle in the past.
"I think that Manny agreed to USADA testing shows you his eagerness to make this fight," Moretti said.
Despite Pacquiao's willingness to fight, the final call lies with Mayweather and he will decide if the fight happens or not.
Amir Khan does not believe the bout will take place. Khan was in a similar position in the autumn of 2013 when he signed to fight Mayweather, only for the world's pound-for-pound king to opt to fight Marcos Maidana.
Earlier this month, Mayweather created controversy by showing off his line of luxury cars.
And Pacquiao responded by urged him to forget the bling and sign up for a much-anticipated clash between the long-time rivals.
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