Floyd Mayweather Jr will finally meet Manny Pacquiao after it was confirmed that the long-awaited bout will take place in Las Vegas on May 2.

The fight, between two of the best pound-for-pound boxers in the sport, is likely to be the most lucrative match in history, with estimates suggesting that the bout could generate up to £162m.

Mayweather told his official website: "Mayweather vs Pacquiao on May 2, 2015, is a done deal. I promised the fans we would get this done and we did. I am glad my decision to meet with Manny and discuss making this fight happen helped get the deal done.

"Giving the fans what they want to see is always my main focus. This will be the biggest event in the history of the sport. Boxing fans and sports fans around the world will witness greatness on May 2.

"I am the best ever and this fight will be another opportunity to showcase my skills and do what I do best, which is win. Manny is going to try to do what 47 before him failed to do, but he won't be successful. He will be number 48."

The match, which will be staged at the MGM Grand in Las Vegas, could also break records for the highest number of pay-per-view buys in the United States.

Mayweather's WBA and WBC welterweight belts and Pacquiao's WBO title will be on the line when the pair meet.