Fans and spectators around the world have waited for the fateful day they would be able to see the two boxing juggernauts have their inevitable bout, and this past weekend marked that day.

Floyd Mayweather Jr. was the one to make the announcement on Friday on the social media outlet, Shots.com.

"What the world has been waiting for has arrived. Mayweather vs. Pacquiao on May 2, 2015, is a done deal," Mayweather wrote.

"I promised the fans we would get this done, and we did."

Pacquiao later responded with, "I am very happy that Floyd Mayweather and I can give the fans the fight they have wanted for so many years."

The two boxers posted a picture of the signed contract on the website confirming the statement.

"The welterweight world title showdown -- Mayweather owns the World Boxing Council and World Boxing Association titles and Pacquiao the World Boxing Organization crown -- is sure to be the richest in boxing history, generating massive pay-per-view revenue," writes Yahoo News.

President of HBO Sports Ken Hershman has called the fight between the unbeaten Mayweather and proclaimed best 'pound-for-pound' fighter Pacquiao, the biggest event in boxing history.

"Manny is going to try to do what 47 before him failed to do, but he won't be successful," Mayweather states in a comment. "He will be number 48."

The legendary fight will take place on HBO pay-per-view on May 2^nd.