MANILA, Philippines – Negotiations for the mega fight between Manny Pacquiao and Floyd Mayweather Jr. have made a significant progress, a report revealed.

Lance Pugmire reported to LA Times that both parties have already agreed on the venue and the drug testing protocols to be followed for the super fight, which could amount to $300 million.

Pacquiao and Mayweather have agreed to stage the bout at the MGM Grand Garden Arena and are likely to undergo Olympic-style drug testing.

''We’re making progress,'' said ''a boxing authority'' quoted by Pugmire.

Among the issues that have yet to be settled are the purse split and the fight date. Mayweather wanted the bout to take place on May 2, which is closest to the Cinco De Mayo weekend. Pacquiao, for his part, already agreed to take the lower half of the purse split just to accommodate the American’s wishes.

"The calendar is a factor," said Pugmire’s source.

Both parties are trying to wrap up the negotiations within 10 days to give the bout ample time for promotion.

The report jibes with Freddie Roach’s statement two days ago in which he claimed that the fight is close to becoming a reality.

“I talked to Bob Arum.... I think I'm getting close to saying it's very close, I think we're very close,” claimed the hall of famer boxing trainer in an interview on The Sweet Science.

''It's close. I think I know for a fact that it's closer than ever.''