By Daniel DeMarco |Copy Editor|

After almost six years, the boxing world has finally got its fight.

Floyd Mayweather Jr. and Manny Pacquiao are officially set to fight on May 2, 2015 in Las Vegas at the MGM Grand Garden Arena.

Mayweather made the official announcement on Feb. 20 by posting a picture of the newly signed contract between the two fighters. Mayweather and Pacquiao have been the consensus top one and two boxers, respectively in the world for almost a decade.

“The Fight of the Century” is a label that was given to Ali and Frazier’s first fight in 1971 and the 1910 fight between Jack Johnson and Jim Jeffries; Mayweather and Pacquiao’s upcoming fight is receiving similar promotion.

Many sources are labeling this fight amongst the biggest of all time, some are even comparing it to Ali and Frazier’s first fight, which is widely accepted as the biggest prizefight in sports history.

Top Rank promoter Bob Arum said, “As interest is concerned, this is akin to the first Ali-Frazier fight.”

HBO’s Max Kellerman said, “I would say this is legitimately — hyperbole aside — the biggest boxing event […] since Ali-Frazier I.”

HBO president Ken Hershman said, “Manny Pacquiao and Floyd Mayweather have been the two most prominent fighters in the sport of boxing for the past decade… in what everyone believes will be the biggest boxing event of all-time… May 2 will be a signature moment for the sport of boxing.”

According to Forbes, a 60-40 purse split of $200 million in Mayweather’s favor was agreed on in the contract, setting the bar as the biggest payday in sports.

Reports of the expected Pay Per View (PPV) prices are to be about $90 for standard definition, and about $100 for high definition.

High prices aside, the fight is expected to break boxing PPV records.

The current recordholder for most PPV buys is the 2007 fight between Floyd Mayweather and Oscar De La Hoya, which was purchased by approximately 2.5 million viewers, according to CNN.

Tickets to see the event live are not being sold to the public as of Feb. 24, but face-value prices are expected to be $1000 on the low end, and $5000 on the high end, according to Forbes.

All in all, this fight is expected to be the richest prize fight in sports history.