The long-awaited mega bout between Floyd Mayweather Jr and Manny Pacquiao, which has been more than five years in the making, will take place in Las Vegas on May 2, Mayweather announced.
A duel between the defence-minded Mayweather and the aggressive Pacquiao, the biggest drawcards of their generation, has been savoured by boxing fans, if only to decide the mythical title of the world's best pound-for-pound fighter.
This will be the biggest event in the history of the sport
Showtime and HBO will jointly broadcast the bout, which is one of the most eagerly anticipated in boxing since the classic 1975 'Thrilla in Manila' between Muhammad Ali and Joe Frazier.
However, both Mayweather, 37, and Pacquiao, 36, are in the twilight of their respective careers and most pundits say they have lost some of their skills in the ring.
"What the world has been waiting for has arrived," American Mayweather, who has a perfect record of 47-0 with 26 knockouts, said on the social networking website Shots. "Mayweather vs. Pacquiao on May 2, 2015 is a done deal.
"I promised the fans we would get this done, and we did. We will make history on May 2nd. Don't miss it!"
Mayweather made a late-night trip to Pacquiao's hotel in Miami last month to discuss the possibility of a showdown, and the Filipino southpaw, an eight-division world champion, signed the contract for the bout on Thursday.
"This will be the biggest event in the history of the sport. 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."
Pacquiao, who has a 57-5-2 record with 38 knockouts, said in a statement: "I am very happy that Floyd Mayweather and I can give the fans the fight they have wanted for so many years. They have waited long enough and they deserve it."