Manny Pacquiao
Apr 12, 2014; Las Vegas, NV, USA; Manny Pacquiao celebrates his victory over Timothy Bradley (not pictured) after their WBO World Welterweight Title bout at MGM Grand Garden Arena. Pacquiao won via unanimous decision. Mandatory Credit: Joe Camporeale-USA TODAY Sports

The sought after Pacquiao-Mayweather Jr. fight has put the boxing fans to salivate while waiting the match to happen.

According to latest report, the Filipino boxer is backing out from his latest contract extension with Top Rank for him to become a free agent at the end of 2014 and apparently come up with an arrangement to take on boxing's top pound-for-pound fighter next year.

In a report posted on the Boxing Observer, the 35-year-old Pacquiao is seriously considering the idea of parting ways with his long-time promoter Bob Arum as he sets his sight on meeting Mayweather Jr. next year.

"Several credible sources are reporting that the record-breaking welterweight (56(38)-5-2) is willing to break ties with long-term promoter Bob Arum to make a megafight with current pound-for-pound king Floyd Mayweather," Boxing Observer reported.

Pacquiao's Adviser Michael Koncz did not deny or confirm report of Pacman's potential exit from Top Rank's stable, but he stressed they are exploring all available options in the coming months.

"Bob has been good to us and we have nothing negative to say about Top Rank but we have to decide what's best for Manny at this stage of his career," Koncz said in an interview with Ring Magazine.

"If we don't' extend our contract with Top Rank, we may go out on our own and promote ourselves.

Mayweather repeatedly pointed out in his past interviews that the only way Pacquiao could fight him is to leave Bob Arum, who ironically promoted the five-division world champion during his prime.

Koncz didn't even rule the chance of hooking up with American hip-hop star 50 cent, believing Pacman Promotions can start promoting his own fight and striking deals with other promoters, like Mayweather's camp, have been doing since bolting out from Top Rank.

Pacquiao catapulted back to boxing's upper echelon after his impressive 12-round unanimous decision win over Timothy Bradley to recapture the WBO Welterweight crown on April 12 at MGM Grand Garden in Las Vegas, Nevada.

Prior to his win against the erstwhile undefeated fighter, Pacman ended his two-fight losing streak with an all-out domination against Brandon Rios in Macau, China in November 2013.

Pacquiao is now waiting for the winner between Juan Manuel Marquez and Mike Alvarado slugfest on May 17. The Marquez-Alvarado clash serves as the title-eliminator fight for the WBO Welterweight Belt.