Manny Pacquiao has agreed to fighting terms with Floyd Mayweather Jr. The Filipino boxer has laid out the terms with his promoter Top Rank, and is waiting to hear from Mayweather. If both agree, the fight will take place in Las Vegas at the MGM Grand Garden Arena on May 2.

Carl Moretti, vice president of Pacquiao promoters Top Rank, told, “Top Rank and Manny have agreed to the terms on our side. I don’t know about the other side.”

ESPN reports that Pacquiao has revealed his fighting terms by agreeing to a 40% cut of the revenue. This will leave Mayweather with the remaining 60% of a fight widely expected to shatter all box-office and television revenue records. Mayweather has had his past 10 fights at the MGM Grand Arena and Pacquiao has had five of his past seven bouts there.

It was Mayweather who proposed the May 2 fight last December. Promoter Bob Arum told Yahoo! Sports on Tuesday that he has spoken to Mayweather’s representatives and says it’s his camp that is holding up an official agreement.

“I’m not trying to force anybody’s hand, I’m just saying, ‘Hey, we’ve agreed to everything, period.’ The people we have talked to on Mayweather’s side have agreed to everything. Now we need Mayweather to step up and say, ‘Yeah, I’m on board. I agree.”

He added, “I think Manny has been very reasonable and demonstrated that he wants the fight to happen. Now, we’re waiting on Floyd. That’s not to say that Floyd has been obstinate, that Floyd won’t do it, but we’re waiting on him.”

Another source has echoed that there hasn’t been an agreement yet. The insider shared that Pacquiao’s team say they agree to the fighting terms but that the attorneys on Mayweather’s side have indicated there are still open issues.

Mayweather signed his contract with CBS/Showtime and still has two fights remaining with guarantees of at least $32 million per fight. Pacquiao has a contract with HBO/Time Warner. The networks have said they are willing to work together in what would be a joint pay-per-view telecast.

Now that Pacquiao has agreed to the fighting terms, what’s taking Mayweather so long to step up?

Read more: Manny Pacquiao Boasts He Wants Floyd Mayweather Jr. Fight