"Can't wait to see" tweeted former boxing champion Sugar Ray Leonard, who won titles in five weight divisions.
Former English footballer Gary Lineker, wrote on Twitter: "Now that is a fight!"
Ring Magazine, the so-called Bible of Boxing, said: "Mayweather-Pacquiao is here, kiss the record book goodbye", and film actress and fight fan Rosie Perez tweeted: "Finally! God Bless America, two times!"
Mayweather, 37, will carry a 47-0 record into the bout, while the 36-year-old Pacquiao is 57-5-2.
"What the world has been waiting for has arrived," American Mayweather said in announcing the clash on the social networking website Shots. "Mayweather vs. Pacquiao on May 2, 2015 is a done deal."
The Filipino countered with: "I am very happy that Floyd Mayweather and I can give the fans the fight they have wanted for so many years. They have waited long enough and they deserve it."
Las Vegas was abuzz by the excitement of what promises to be the biggest fight since the days of Ali and Frazier.
Mayweather opened as an almost 3-to-1 favorite in the earliest lines.
The welterweight showdown in Vegas is projected to be the most lucrative ever in boxing with Mayweather expected to haul in a minimum of $120 million in a 60-40 split with Pacquiao, who figures to make at least $80 million.
"Outside of the Super Bowl, this could be the single biggest wagering event we've ever had," Jay Kornegay, Westgate Las Vegas sports book director, told the Las Vegas Review-Journal.
This year's Super Bowl drew a handle of almost $116 million in Nevada.
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