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Representatives for Manny Pacquiao and Floyd Mayweather have agreed to terms on a megafight, Top Rank promoter Bob Arum told SI.com on Wednesday. The deal still needs to be approved by Mayweather.
Arum did not disclose terms of the deal, which is expected to be a 50-50 split and include some form of drug testing. The fight is scheduled for Nov. 13 at a location to be determined. Las Vegas and Dallas are considered the favorites to land the fight.
Arum told SI.com that Mayweather has until mid-July to make a decision.
"This really depends, as I see it, on whether Mayweather wants to fight [Pacquiao]" Arum said. "By mid-July, he's either in or out. We're not going to wait forever. We're going to have a fight on Nov. 13 and we would love it to be Mayweather."
Arum said that if Mayweather passed on the fight, they could still make a deal under the negotiated terms next year.
"Nobody is under any obligation to fight this year," Arum said. "He may need more time. When he is ready, we are prepared to do the fight."
Possible alternative opponents for Pacquiao are Miguel Cotto and Antonio Margarito.

Manny Pacquiao, Floyd Mayweather could fight on Nov. 13 - SI.com - Boxing