Pacquiao confirmed on Huffington Post Live that he'd agreed to all terms and said it was his understanding that Mayweather's representatives had also.
"My promoter and his promoters, there's negotiations already and there is an understanding," Pacquiao said.
"I heard there's an understanding already. We're just waiting for the signed contract from them," he added.
A bout between them would generate hundreds of millions of dollars and could pay Mayweather as much as $120 million.