Pacquiao, who has won world titles in eight different weight classes, had undergone corrective surgery to fix his torn rotator cuff injury, sustained months before the fight against Mayweather.
Talking about the bout, Promoter Bob Arum said that the 36-year-old would fight against Timothy Bradley for the third time at the MGM Grand in Las Vegas, stuff.co.nz reported.
Meanwhile, top rank spokesman Lee Samuels said that the bout was not officially confirmed, but added that the two fighters had agreed to the proposal and would be signing the agreement soon.
However, it was still doubtful whether the fight against Bradley would be marked as Pacquiao's last fight.
The Filipino boxer had earlier expressed that he would return to the ring for one last fight before retiring to concentrate on a political career.