Manny Pacquiao will fight Floyd Mayweather but not on May 5

I'll fight you but not on May 5, says Pacquiao as he responds to Mayweather challenge

Manny Pacquiao looks set to reject Floyd Mayweather Jnr's challenge to fight him on May 5 in Las Vegas.

The American took to Twitter on Tuesday to call out the eight-division champion to meet him in what could be boxing's first $100m fight.

But the Filipino's camp want to wait until a 45,000-seat boxing arena has been completed in the gambling capital of the world.

Challenge: Mayweather has called out Manny Pacquiao

Challenge: Mayweather has called out Manny Pacquiao

Mayweather had said: 'Manny Pacquiao I'm calling you out let's fight May 5th and give the world what they want to see.'

Regarded as the best pound-for-pound
fighter in the world, Mayweather has the MGM Grand Garden booked for
that date and must fight before June 1 after a judge agreed to postpone
his jail sentence for domestic violence.

But while the MGM Grand seats 17,000,
which could generate around $20 million in sales, the larger arena
could raise an additional $30 million.

Pac man: Manny Pacquiao's camp are hoping for a later fight date

Pac man: Manny Pacquiao's camp are hoping for a later fight date

And Pacquiao's financial adviser
Michael Koncz said: 'Why would I tell Manny to fight on the 5th and
throw away a percentage of 30 million That's crazy.

'The purse is not the issue right now, the date is. But we don't have a problem splitting it 50-50.'

Mayweather continued his efforts to
tempt the current WBO welterweight champion into the ring on Wednesday
when he tweeted: 'I'm ready to put my belt up. What about you Manny
Pacquiao Let's make history.'

Meanwhile, Top Rank promoter Bob Arum is confident the fight can still happen before Mayweather begins his stretch in prison.

Pay day: The fight is set to be the richest in history

Pay day: The fight is set to be the richest in history

He said the fight 'could happen very,
very easily' at the end of May, enough time to build the outdoor arena 'the fight so badly needs'.

A decision could yet be reached this week as Arum and Pacquiao are meeting in the Philippines this week.

Arum has suggested his fighter could meet Juan Manuel Marquez, Miguel Cotto, Tim Bradley or Amir Khan's conqueror Lamont Peterson instead of Mayweather.

The pair hope to reach an agreement before Arum returns to the United States on Saturday.