By Jake Donovan

The long awaited showdown between Floyd Mayweather and Manny Pacquiao has been more than five years in the making - enough to where the thought of a rematch never entered the latest round of negotiations.

“It’s a one fight deal,” confirmed Stephen Espinoza, Showtime Sports Executive Vice President and General Manager.

Of course, the outcome of the event itself will dictate whether or not we see the two ever again share the same ring space. For now, fans can expect to embrace the May 2 clash at the MGM Grand in Las Vegas as a once in a lifetime event.

The bout will be contested for Mayweather’s World lineal welterweight championship, in addition to the alphabet titles both he and Pacquiao currently own. Mayweather (47-0, 26KOs) has held at least one welterweight belt since his Sept. ’11 knockout win over Victor Ortiz, reclaiming the belt he initially won in 2006 before vacating less than two years later following a retirement-turned-21 month hiatus before returning to the ring in 2009.

Pacquiao (57-5-2, 38KOs) has won titles (lineal championships and alphabet belts) in more weight classes than any other fighter in boxing history. His 12th round knockout win over Miguel Cotto in Nov. ’09 began his first welterweight reign and established the record, to which he added with a vacant super welterweight title win over Antonio Margarito a year later.

The aforementioned welterweight came to an end following a disputed split decision loss to Tim Bradley in their first fight in June ’12. Pacquiao overcame the setback and a subsequent 6th round knockout loss to Juan Manuel Marquez to win three straight, including reclaiming his old welterweight title with a win over Bradley in their rematch last April.

In addition to the slew of welterweight hardware at stake, the bout will ultimately determine pound-for-pound supremacy. The subject was a much hotter debate when the first round of talks began way back in late 2009, when both were regarded as far and away the best two fighters in the world.

Pacquiao fell off but has clawed his way back towards the top, but the overwhelming consensus these days has Mayweather tabbed as the best fighter in the world.

The event will air live on Pay-Per-View in a joint effort between Showtime and HBO.

Jake Donovan is the Managing Editor of BoxingScene.com. Twitter: @JakeNDaBox