After nearly five years of waiting, boxing fans finally have the fight that they have been clamoring for: Floyd Mayweather and Manny Pacquiao at the Las Vegas MGM Grand Garden Arena, where they will face each other off for a unified welterweight championship on May 2.

According to USA Today, the face-off will be among the most lucrative in fight history, and this will bring an end to the frustration that seemed to keep boxing's highest-profile athletes apart.

Mayweather posted on his social media site on Shots.com, "What the world has been waiting for has arrived. 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! This is the signed contract from both fighters."

Paquiao, in a statement also said, "This is the right fight for boxing. Floyd Mayweather and I is the fight boxing fans have wanted for years and I am looking forward to it. I will be representing my fans and my country and trying to bring glory to the Philippines."

ESPN said that this showdown will finally settle the issue that boxing fans have debated for years: Who is the no. 1 boxing champion? After all, Mayweather and Pacquiao have both been deemed to be the best fighters in the world who are in the same weight class, but have never faced each other in the ring. Mayweather and Pacquiao have been considered pound-for-pound kings at various times, and while Mayweather officially held the title for the past few years, Paquiao stayed just a notch behind him.

Mayweather holds a 47-0 record with 26 K.O.s, when he beat Marco Madiana in September, while Pacquiao's record is a 57-5-2, with 38 K.Os following his victory against Chris Algieri in November.

Talks between the fighters started in January when they saw each other at the same Miami Heat game. Sports Illustrated reported that they talked about arranging a fight later the same day, in a Miami hotel to discuss a deal.

Among the biggest hurdles in making the Mayweather-Pacquiao face-off happen is the fact that the rival cable companies which pickup their fights (Mayweather has an exclusive deal with Showtime, Pacquiao's fights are broadcast by HBO) couldn't seem to make arrangements work. However, USA Today noted that they finally agreed to a split arrangement where both companies could sell on pay-per-view.

Who's your bet for this fight?