Filipino boxing champ Manny Pacquiao has reportedly signed a two-year, $75 million extension deal with Top Rank, reports stated Thursday.

Pacquiao, whose current contract with Top Rank was expected to end after this year, has reportedly agreed to spend the last two years of his boxing career under the Bob Arum-owned company, according to the Boxing Socialist.com.

Assuming the reported deal has been finalized, it would go a long way towards helping Pacquiao with his tax woes; the Phillipines government froze his accounts after stating that Pacquiao owed approximately $50 million in back taxes, Forbes reported in December.

Boxing Socialist reporter Kevin Davis tried to verify the legitimacy of the report, but personnel within Top Rank and Pacquiao's camp decided not to disclose any information about the massive contract extension.

Davis believes Pacquiao's contract extension with Top Rank boxing will officially end any hope of the possible showdown between the Filipino fighter and Floyd Mayweather, Jr., the undisputed pound-for-pound king. Mayweather has insisted that Pacquiao has to leave Top Rank for him to get a shot at fighting him inside the ring..

"I tried to confirm this report, but due to what they call snakes in the grass, they don't want to disclose information on Pacquiao deal. In the past there have been tampering and unethical moves in trying to pursue the talents of the Philippine superstar fighter. We shall wait and see if this deal is true and if it is, will this help or hinder a possible Floyd Mayweather Jr. clash," Davis said.

Pacquiao—who had a net worth of $85 million in 2012, according to CelebrityNetWorth.com—is already scheduled to fight Timothy Bradley for the WBO Welterweight championship belt on April 12 at MGM Grand Garden in Las Vegas, Nev. On the other hand, Mayweather has yet to pick his next foe. Marcos Maidana and Amir Khan are tabbed as possible contenders for Mayweather's Cinco de Mayo showdown on May 3 also at MGM Grand Garden.