Source: Mayweather-Pacquiao Megafight Nearly Finalized

Top Rank promoter Bob Arum is on a flight to Manila in the Philippines for a meeting with Manny Pacquiao to inform him that Floyd Mayweather has agreed to terms for a March 13 megafight, according to a source familiar with the negotiations.

The New Orleans Superdome, the Dallas Cowboys' Stadium, and the MGM Grand in Las Vegas are the leading candidates for the fight, according to the source.

Las Vegas is also building a 30,000 seat outdoor stadium "for the fight," according to the source, "but there is always the MGM or the Thomas & Mack."

Arum is on a 15-hour flight, with a stop in Vancouver, "so it could be tomorrow, or it could take a day or two" before Pacquiao's decision is made, the source said.

Golden Boy Promotions' Richard Schaefer is handling Mayweather's side of the negotiations.

Yahoo! Sports' Kevin Iole first reported the story.

The Pacquiao-Cotto fight credentialed 450 media members, and the Mayweather-Pacquiao fight would likely double that.

Bob Arum told FanHouse earlier on Tuesday that Pacquiao would consider the pursuit of an eighth world title against WBA junior middleweight champ Yuri Foreman if a fight with Mayweather wasn't made.

But "Mayweather always has been the No. 1 target," the source said.

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Boxer Bernard Hopkins poses during his weigh in for a light heavyweight fight against Enrique Ornelas, of Mexico, Tuesday, Dec. 1, 2009, in Philadelphia. Hopkins and Ornelas are scheduled to fight on Dec. 2, 2009, in Philadelphia. (AP Photo/Matt Slocum)

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Boxer Enrique Ornelas, of Mexico, watches the scale during his weigh in for a light heavyweight fight against Bernard Hopkins, Tuesday, Dec. 1, 2009, in Philadelphia. Hopkins and Ornelas are scheduled to fight on Dec. 2, 2009, in Philadelphia. (AP Photo/Matt Slocum)

Enrique Ornelas, of Mexico, poses during his weigh-in for a light heavyweight boxing match against Bernard Hopkins, Tuesday, Dec. 1, 2009, in Philadelphia. Hopkins and Ornelas are scheduled to fight on Wednesday in Philadelphia. (AP Photo/Matt Slocum)

Boxers Bernard Hopkins, left, and Enrique Ornelas, of Mexico, face each other after their weigh in Tuesday, Dec. 1, 2009, in Philadelphia. Hopkins and Ornelas are scheduled for a light heavyweight bout on Dec. 2, in Philadelphia. (AP Photo/Matt Slocum)

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Boxers Bernard Hopkins, left, and Enrique Ornelas, of Mexico, shake hands after their weigh in, Tuesday, Dec. 1, 2009, in Philadelphia. Hopkins and Ornelas are scheduled for a light heavyweight bout on Dec. 2, in Philadelphia. (AP Photo/Matt Slocum)

Vitali Klitschko of Ukraine, right, trains during a media workout session in Going, Austria, Tuesday, Dec. 1, 2009. WBC Heavyweight Champion Vitali Klitschko will defend his title against Kevin Johnson of the United States in Bern, Switzerland on December 12, 2009 . (AP Photo/Kerstin Joensson)

Vitali Klitschko of Ukraine trains during a media workout session in Going, Austria, Tuesday, Dec. 1, 2009. WBC Heavyweight Champion Vitali Klitschko will defend his title against Kevin Johnson of the United States in Bern, Switzerland on Dec. 12, 2009 . (AP Photo/Kerstin Joensson)

Vitali Klitschko of Ukraine trains during a media workout session in Going, Austria, Tuesday, Dec. 1, 2009. WBC Heavyweight Champion Klitschko will defend his title against Kevin Johnson of the United States in Bern, Switzerland on Dec. 12, 2009 . (AP Photo/Kerstin Joensson)