The World Boxing Council unveiled their latest ranking on Monday, making eight-division world champion Manny Pacquiao the No. 1 contender to fight Floyd Mayweather Jr for the WBC Welterweight championship.

After dismantling Brandon Rios in 12 rounds of their WBO International Welterweight Championship Nov. 23 in Macau, Pacquiao gained a big boost in his attempt to arrange a showdown with Mayweather after WBC ranked him as the top contender for the WBC Welterweight belt.

The 34-year-old Pacquiao and his camp have long expressed their desire to fight the current pound-for-pound king, but negotiations between both camps collapsed several times due to disputes around fight purse-sharing and blood testing procedures.

Pacquiao vs. Mayweather looming?  

Pacquiao, originally not ranked in the Top 10 of the welterweight division by the WBC, has already leapfrogged Argentina's Luis Abregu and Great Britain's top welterweight Amir Khan, who is rumoured as the favorite to fight Mayweather in May.

With this development, Mayweather could be mandated to fight Pacquiao as the No. 1 contender for his belt or leave the welterweight title vacant.

"Mayweather holds the WBC welterweight belt, and with this latest development, could be mandated to defend his title against Pacquiao or risk being stripped of it," Philippine Star boxing writer Dino Maragay stated.

Top-Rank Promoter Bob Arum is willing to hold a meeting among the parties involved - including the promoters and the pay-per-view cable networks - with the intention of arranging one of the most anticipated fights in boxing history.

"Everybody would have to meet. Talk about an incredible summit. When Lewis and Tyson fought, that took the cooperation of everyone. Including Don King and HBO (actually King was not involved in Lewis vs. Tyson in 2002)," Arum told Bob Velin of USA Today.

"It can be done. Anything can be done. It depends on the willingness of people to do it. And to set aside ego. It's not a big deal getting two guys into the ring to fight each other. There's certain issues that have to be dealt with. But if we just look at an athletic contest and we include in that the testing, there are no issues," the promoter added.

WBC's decision to put Pacquiao as the No. 1 contender to face Mayweather is viewed by boxing analysts as a shrewd move to make the fight finally happen. Moreover, the Pacquiao vs. Mayweather showdown could give millions of dollars to WBC as the sanctioning body of the mega-fight.