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(Image: AFP)

The pair looked to have agreed terms over a money-spinning fight.

The showdown was pencilled in for April 23 with a likely venue somewhere in the UAE.

However, the eagerly-anticipated clash between the former training partners is no longer on the cards.

Pacquiao's long-term promoter, Bob Arum, revealed the news to Lance Pugmire of the Los Angeles Times.

“When they contacted me, I told them it was pie in the sky, that this is crazy, it’s not going to happen,” Arum said.

“Manny wanted to roll the dice. He rolled the dice and it came up snake eyes.

(Image: GETTY)

“If something is too good to be true, it’s too good to be true.”

When asked if there was any chance that the fight could be salvaged, Arum was adamant the proposed contest was dead in the water.

(Image: GETTY)

The Top Rank Promotion's chief said: “That deal is done for now.

"[Pacquiao and Koncz] were talking to the wrong people.”

Pacquiao could now wait until June or July for his next fight.