Floyd Mayweather insists there is no deal yet with Manny Pacquiao on $250m showdown

Floyd Mayweather Jr insists neither he nor Manny Pacquiao Jr have signed a contract for their proposed 2 May super-fight, but remains hopeful of a deal being made.

Talks between the welterweight kings have been ongoing throughout the opening months of 2015.

The Sunday Telegraph reported that Pacquiao, 36, has already committed to his contractual agreements for a fight that will be worth $250m.

The report added that Mayweather was considering confirming the fight during Sunday's NBA All-Star Game at Madison Square Garden, but the five-weight world champion denied talk of a done deal.

"That is not true," Mayweather said when quizzed on the reports. "I haven't signed yet. He hasn't signed yet. It's just been speculation and rumours, but hopefully we can make that fight happen."

Mayweather and Pacquiao have sat down face-to-face in hopes of agreeing to what is certain to be the richest fight in boxing history.

Pacquiao also claimed last week via his Instagram account that he has already started training for the contest, although it appears there are still a number of details that need to be finalised.

One of those is an agreement between rival television networks. Talks between Showtime Sports (Mayweather) and HBO Sports (Pacquiao) are integral to hopes of the two meeting this year and Pacquiao's promotor and Top Rank CEO Bob Arum claimed earlier in February a deal had been struck for the two to co-host the May fight.

His claims were dismissed however with Stephen Espinoza, chief executive of Showtime, insisting that while they were optimistic of a deal being struck, there were still significant issues to be resolved.

His HBO counterpart Ken Hershman made similar claims, adding his company were "not an impediment" to the fight taking place.