Undefeated boxing champ Floyd Mayweather Jr. and seven-title boxing great Manny Pacquiao have finally reached an agreement for a boxing match, after much deliberation from both sides.

Both parties have agreed to hold a title match on March 13, 2010, with a prize pot split at an even 50-50. Both fighters are guaranteed $25 million, with a chance to reach $30 to $50 million, depending on ticket sales. At this rate, the fight is expected to match profit records from the Mayweather – Oscar de la Hoya bout back in 2007.

Mayweather (40-0-0, 25 KOs) will have to defend his undefeated title against Pacquiao (50-3-2, 38 KOs).

Pacquiao was recently victorious over Miguel Cotto, winning his seventh title belt back in November.

While negotiations have been ongoing with both the Pacquiao and Mayweather camps, Pacquiao had been preparing his campaign to run for a congressional seat in the Philippine province of Saranggani.

 Erratum :  A previous version of this article erroneously reported that the match was vying for Pacquiao’s eighth title belt. The News Chronicle apologizes for this mistake.