LAS VEGAS -- Promoter Bob Arum told Yahoo Sports on Tuesday that Manny Pacquiao has agreed to terms for a May 2 bout with Floyd Mayweather, and that the only thing in the way of the long-awaited fight occurring is Mayweather's approval.

Arum said Mayweather's representatives have also agreed to the deal but have not been able to get Mayweather's agreement. However, there is no verification from anyone representing Mayweather whether Arum's side is accurate.

On Friday, the Los Angeles Times reported that progress was being made on making the match a reality. Multiple sources told Yahoo Sports over the weekend that a deal for the two superstars to fight at the MGM Grand Garden was imminent.

The sources told Yahoo Sports that not only have the sides agreed for the fight to be May 2 at the MGM, but also on a 60/40 purse split that would favor Mayweather. Mayweather could make in the range of $120 million. An MGM spokesman told Yahoo Sports that there was no deal for the fight to be held at the Grand Garden as far as he is aware.

In order to pay the astronomical salaries the fighters will command, ticket prices will be scaled at an all-time high. The top ticket at the MGM Grand Garden is expected to go for $5,000 so that the arena can be scaled to produce a $40 million live gate.

View photos WBC/WBA welterweight champion Floyd Mayweather has not yet agreed to a fight with Manny Pacquiao. (AFP Photo/Ethan Miller) More

A $40 million live gate would be virtually double the existing record gate of $20,003,150, which was set at the MGM in 2013 by Mayweather and Canelo Alvarez.

Arum refused Tuesday to speak about details, but said Pacquiao was on board with all terms.

"I want to get some movement here, with bringing Mayweather to the table so we can go out and get everything signed and get the networks together and get the thing finished," Arum told Yahoo Sports on Tuesday.

Mayweather has an exclusive contract with Showtime and Pacquiao is obligated to HBO. It is not immediately clear which network will broadcast the fight, though it is expected that both will be involved. That was the solution worked out in 2002, when Mike Tyson (Showtime) fought Lennox Lewis (HBO) in Memphis, Tenn.

A Mayweather-Pacquiao bout first began to be seriously discussed in 2009. Mayweather ended a brief retirement by routing Juan Manuel Marquez at the MGM on Sept. 19, 2009. Two months later, in perhaps the defining performance of his career, Pacquiao stopped Miguel Cotto at the MGM in the 12th round on Nov. 14, 2009.

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