Unbeaten American Mayweather made the long-awaited announcement on Friday via the social media website Shots.com, ending weeks of increasingly intense speculation that the showdown had been set.
"What the world has been waiting for has arrived. Mayweather v Pacquiao on May 2 is a done deal," wrote Mayweather, posting a picture of the signed contract.
Pacquiao, the only fighter to win world titles in eight weight divisions, dedicated the fight at the MGM Grand Garden Arena to the fans who "willed" it into being.
"I am very happy that Mayweather and I can give the fans the fight they have wanted for so many years," said Pacquiao, who also posted a picture of the contract on Twitter.
The welterweight world title showdown — Mayweather owns the World Boxing Council and World Boxing Association titles and Pacquiao the World Boxing Organisation crown — is sure to be the richest in boxing history, generating massive pay-per-view revenue.
US media reported that Mayweather will receive 60% of the purse and stands to make some $120 million, with Pacquiao taking $80 million.
More importantly for fans, it will finally pit the two boxers long considered the best "pound-for-pound" fighters of their generation against each other.
Who’s the best of them all?
"Pac-Man," who is 36, will take a record of 57-5 with two drawn and 38 knockouts into the May 2 fight.
Mayweather, 47-0 with 26 knockouts, turns 38 on Tuesday and has two more fights in the Showtime deal that has made him the highest-paid athlete in the world. He is homing in on the iconic 49-0 record of 1950s legend Rocky Marciano, who retired as an undefeated heavyweight champion.
"Floyd should enjoy being the A-side while he can," said Pacquiao's trainer Freddie Roach. "Because on May 2, Manny is going to put him on his backside."
The brash "Money" Mayweather was having none of it. "Manny is going to try to do what 47 before him failed to do, but he won't be successful," said Mayweather. "He will be number 48."
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