While fans of both the professional boxing aces are keenly waiting for the highly-anticipated showdown between Manny Pacquiao and Floyd Mayweather Jr. at MGM Grand Arena in Las Vegas on May 2, the latest reports say that the fight may be in jeopardy.

Latin Post reports that recently Top Rank Promotions CEO Bob Arum told ESPN that even though less than two weeks remain until the fight, the contract for it has yet to be signed. However, those rumors were recently dismissed, and fans should start getting ready to see the once in a lifetime bout.

The upcoming fight between Manny Pacquiao and Floyd Mayweather Jr. is being billed as the richest bout in boxing history.

According to Arum, he received a draft of the contract on April 15, but he did not sign the papers because the terms mentioned on the sheet were different from those that they agreed with Mayweather Promotions and MGM earlier this year.

Referring to the original agreement, Arum asserted that all parties, counting Top Rank Promotions, would be signatories to the final contract, but the draft he received on April 15 did not include them. He went on to say that if he signs the draft contract sent to him, Top Rank will not have any say either on the fight promotions or other fight details.

The Top Rank Promotions boss said, "They don't want us to have any say," adding, "So whether they came up with the deal between Mayweather and MGM before or after our agreement, they've committed fraud either way. That's what we're enmeshed in."

At the same time, Arum assured that boxing fans should not worry, as the fight will not be cancelled. Contrary to speculations that the dispute over the contract may eventually lead to the cancellation of the highly-anticipated Pacquiao-Mayweather showdown, the Top Rank Promotions chief believes Nevada officials will ensure the fight goes through.

Substantiating his view, Arum said, "MGM is licensed by the gaming commission," adding, "They can't do this type of subterfuge and keep their license. If they don't do anything, the governor will step in and make this fight happen."

Similarly, Leonard Ellerbe, CEO of Mayweather Promotions, also guaranteed the fight will take place and, at the same time, took a swipe at Arum for his comments on the contract. According to Ellerbe, they did not alter the original terms of the fight in contract and that Arum simply cannot understand the fact that he cannot be in control of the bout.

Ellerbe said, "The bottom line is that Bob isn't willing to live with the agreement signed a couple months ago, which doesn't allow him to be in control," adding, "The only conspiracy, in my opinion, exists with him trying to conspire with his lawyers to change the terms of the agreement."