Floyd agrees to fight Manny, source says

The proposed megafight between Manny Pacquiao and Floyd Mayweather Jr. took a major step toward fruition Tuesday with Mayweather reportedly agreeing to terms on a deal that would have the fight held in mid-March.

Top Rank chairman Bob Arum said Tuesday he was heading to the Philippines to discuss the terms of a possible deal with Pacquiao (50-3-2, 38 KOs), who has won seven world titles in seven weight classes and is coming off a 12th-round technical knockout victory over welterweight Miguel Cotto on Nov. 14.

A source close to the negotiations said Tuesday night while there is no signed deal, both sides are close to an agreement.

Mayweather (40-0, 25 KOs) made a comeback from a 21-month layoff on Sept. 19, dominating Juan Manuel Marquez.

Internet reports have the fight set for March 13. It would be fought at the welterweight limit of 147 pounds.

Arum has spent the last nine days negotiating with Richard Schaefer, the CEO of Golden Boy Promotions, who is representing Mayweather. Arum and Schaefer have not spoken directly about the terms of the fight, citing a gag order both sides have placed over the negotiations.

The fight could he held in Las Vegas. But Jerry Jones, owner of the Dallas Cowboys, might want the fight in his new football stadium in Arlington, Texas.

New Orleans is also interested in hosting the fight at the Louisiana Superdome.