According to ESPN's Dan Rafael, multiple sources close to the negotiations between Floyd Mayweather Jr. and Manny Pacquiao are reporting that Floyd has agreed to terms for a Pacquiao superfight. At this point, Pacquiao has yet to agree to the terms, but Bob Arum is traveling to the Philippines to seal the deal. According to the sources, the fight would be contested at the 147 pound welterweight limit. No word on any of the other negotiating concerns - the split, ring size or gloves.
The date is still up in the air. Per Rafael, sources close to Floyd have stated that he is okay with either a mid-March date or an early May date. From a marketing perspective, May 1 probably works better for everyone; however, since Manny Pacquiao is running for Congress, Philippines election law would prohibit his fight from being aired in the Philippines in May unless he runs unopposed. This hurdle seems to make a March 13 date much more likely, unless Pacquiao decides to abandon his political aspirations until the next election. According to Yahoo's Kevin Iole, a March 13 date is all but set.
The location is also unknown. The lead contenders, which have been broken down by Scott and myself, are the MGM Grand in Las Vegas, a temporary stadium built by the Wynn Hotel in Las Vegas, or at Cowboys Stadium in Dallas, with the New Orleans Superdome serving as another stalking horse.
Obviously, this would be one of the biggest fights in recent memory. It's rare that the two biggest stars in the sport are in the same weight class, and it's even more rare that they're both in their prime and the top two pound-for-pound fighters in the world. Now it's incumbent on Pacquiao to make it happen.