MANILA, Philippines – Top Rank chief executive officer Bob Arum admitted that it will not be possible to put together a mega-fight between pound-for-pound kings Manny "Pacman" Pacquiao and undefeated American Floyd Mayweather Jr. this May.

In an interview with Boxing Scene's Ronnie Nathanielsz, Arum said, "Let's forget the May date," but added that he is still working on trying to put the fight together later in the year.

"What we are trying to accomplish, assuming Mayweather is going to fight in May and Manny is going to fight in June, is that we are pressing to see if we can get a contract signed between the two fighters for November," Arum added.

Arum said that if both Pacquiao and Mayweather agree to hold the mega-fight on November, "that way the people will be assured that the fight is going to happen."

"There won't be any of this nonsense, which we can put behind us so we can do a huge, huge promotion," he added.

Negotiations between the Pacquiao and Mayweather camps fell apart once again last week, after Mayweather refused to accept a 50-50 split. It was reported that he offered Pacquiao $40-million guaranteed, but with no share of pay-per-view revenue.

The fight date was also being contested, as Mayweather's lawyer insisted that the fighter is legally required to fight on May 5, while Pacquiao's camp wants to hold the fight at a later date for "economic reasons."

Mayweather is required to report to jail on June 1 after he pleaded guilty to a 2010 domestic violence charge.

Miguel Cotto is being considered as a possible opponent for both Mayweather and Pacquiao, though the Puerto Rican boxer seems to be leaning towards a fight against Mayweather.

Mayweather is willing to fight Cotto at above 150-pounds, while Pacquiao wants to fight at the welterweight limit of 147-pounds. Arum said Cotto has informed them that he cannot make the welterweight limit.

Aside from Mayweather and Cotto, Lamont Peterson, Juan Manuel Marquez and Timothy Bradley are being considered as possible opponents for Pacquiao.