Floyd Mayweather Vs. Manny Pacquaio Fight: Contract Signed, Boxing Champions Will Face Off May 2

Boxing champions Floyd Mayweather Jr. and Manny Pacquaio, often called the two best fighters in the world, will finally go toe to toe May 2 at the MGM Grand in Las Vegas. After months of rumors, the two signed their highly anticipated contract on Friday. Showtime Sports and HBO Sports will jointly present the match -- which the New York Times reported should be "by far, the highest-grossing fight" in history -- on pay-per-view.

"What the world has been waiting for has arrived," Mayweather wrote in a post on his social media app, 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!"

The fight will likely cost viewers about $90 to watch in standard definition, and USA Today reported the event could generate about $400 million. Mayweather and Pacquaio will split the profits 60-40.

Mayweather posted a picture of the welterweight fighters' contract Friday afternoon. The two boxers reportedly have already fought -- over the right to make the announcement about the much-buzzed-about event. "This is the right fight for boxing," Pacquiao said in a statement. "Floyd Mayweather and I is the fight boxing fans have wanted for years and I am looking forward to it."

Fans have been speculating about the possibility of a matchup for months. The two champions met up Jan. 27 at a Miami Heat game and reportedly talked specifics afterward. Mayweather's record is 47-0 with 26 KOs, and Pacquiao's is 57-5-2 with 38 KOs.

"You have to be grateful that this is finally happening," Bob Arum, who works for Pacquaio's promoter Top Rank, told ESPN. "You can't bemoan the false starts and the inability to do this before. It's here now."

Showtime and HBO have partnered for an event like this before. In 2002, the two networks worked together to broadcast a fight between heavyweights Mike Tyson and Lennox Lewis.