Floyd Mayweather will meet Manny Pacquiao in Las Vegas on 2 May for what promises to be the richest fight in history, it has finally been confirmed.

Mayweather made the announcement on Friday evening on social media platform Shots:

"I am glad my decision to meet with Manny and discuss making this fight happen helped get the deal done," said Mayweather. "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, TBE, 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."

Pacquiao has this to say:

"I am very happy that Floyd Mayweather and I can give the fans the fight they have wanted for so many years," said Pacquiao. "They have waited long enough and they deserve it. It is an honour to be a part of this historic event. I dedicate this fight to all the fans who willed this fight to happen and, as always, to bring glory to the Philippines and my fellow Filipinos around the world."

Pacquiao was last in action when he dominated Chris Algieri over 12 rounds in Macau last November

The fight is expected to generate as much as £162m ($250m). The most lucrative fight in history is thought to be Mayweather versus Saul Alvarez in 2013, which generated an estimated £97m.

Five years after it was first talked about, it's finally a reality, and the endless debates over who would win will be settled in the ring, on May 2nd, 2015.