Manny Pacquiao, seen here in September 2014. (Frederic J. Brown/AFP/Getty Images

Three days after Floyd Mayweather and Manny Pacquiao reportedly met privately in Miami hotel room to hash out details of their proposed May 2 fight, Top Rank promoter Bob Arum is now saying he expects a formal agreement to be finalized in “the next couple days.”

“Everybody is doing the right thing,” Arum told The New York Post on Friday. “We’re looking to complete the paperwork. Everything is moving in the right direction. Hopefully, the next couple of days it will get done.”

Arum, who has had an antagonistic relationship with Mayweather throughout the years, described himself as “optimistic” and added, “The issues are being narrowed down to extraordinarily small points.”

One of the biggest issues that stood in the way of the proposed May 2 fight were the broadcast rights. Mayweather is under contract with CBS/Showtime, while Pacquiao works with Time Warner/HBO. But according to the New York Post, both networks have said they would not oppose the fight, wherever it landed on the pay-per-view dial.

In fact, there’s a very good chance it would be available on both. ESPN points out a joint PPV telecast was successfully negotiated once before in 2002 when heavyweights Lennox Lewis and Mike Tyson faced each other for the title.

The tentative May 2 fight between Pacquiao (57-5-2, 38 KOs) and Mayweather (47-0, 26 KOs) would likely be the highest-grossing event in boxing history. Both Pacquiao, 36, and Mayweather, 37, have challenged each other publicly, although until this week, it looked increasingly unlikely Mayweather would follow through. After brushing off Pacquiao’s repeated taunts on social media, the Filipino fighter gave Mayweather a Feb. 1 deadline to agree to terms, lest he arrange an alternate fight for May. So far, it seems to have worked.