Bob Arum
Boxing promoter Bob Arum, CEO of Top Rank, speaks during a boxing news conference at the MGM Grand Hotel and Casino in Las Vegas, Nevada April 9, 2014. Manny Pacquiao of the Philippines will challenge undefeated WBO welterweight champion Timothy Bradley of the U.S. at the MGM Grand Garden Arena on April 12. The fight is a rematch of a June 9, 2012 fight that Bradley won. REUTERS/Las Vegas Sun/Steve Marcus (UNITED STATES - Tags: SPORT BOXING) April 9, 2014 Reuters

The Dream Match between Manny Pacquiao and Floyd Mayweather Jr is definitely off - at least for the next two-and-a-half years. Yahoo Sports reported on Wednesday that the eight-division title holder from the Philippines just extended his contract with Bob Arum's Top Rank Promotions until the end of 2016.

One of the conditions imposed by Mayweather for him to consider fighting Pacquiao is that the Filipino congressman should no longer be under Top Rank. Besides that condition, Money May also suspects that Pacquiao wants to fight him to pay off his tax arrears with the Philippine government that's why the latter showed interest when both of them won their respective bouts against Marcos Maidana and Timothy Bradley, respectively.

Interest in the Dream Match was revived when no less than former world heavyweight boxing champion Muhammad Ali called on Mayweather, through a tweet, to face Pacquiao, which would have settled the question who is really the pound-for-pound king in the welterweight division.

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But beyond 2016, assuming Pacquiao would no longer sign another contract extension with Arum, boxing experts doubt the viability of the Dream Match since Pacquiao would then be 38 and Mayweather 40.

However, Arum believes the match could still happen and gave it a 90-10 odds. He told Yahoo Sports, "I could see this scenario playing out, if I were Mayweather. He does the final three fights on his contract with Showtime, and he'll be paid an insane amount of money to do it. It's a great deal for him and he's going to be paid that no matter who he fight."

Arum disclosed that the contract extension with Pacquiao had been in the works for some time. "We agreed to it, then we had to do the paper work, and he was in the Philippines, and we got the signed agreement back today," USA TODAY quoted Arum.

Mayweather has announced on Tuesday that he will have his next fight on Sept 13, but has not named yet his opponent or the venue.

Boxing fans are clamouring for a fifth bout between Pacquiao and Mexican boxer Juan Manuel Marquez who beat Mike Alvarado on Saturday.