Manny Pacquiao and Floyd Mayweather, Jr.

MANILA, Philippines – Golden Boy Promotions (GBP), which represents Floyd Mayweather Jr., claims that Oscar dela Hoya was misinterpreted when he disclosed that negotiations between Floyd and 7-division world champion Manny Pacquiao were nearly done.

Dela Hoya was earlier quoted as saying that GBP and Pacquiao handler Top Rank Promotions are very close to finalizing the contracts between the Filipino boxing star and the undefeated American boxer.

However, GBP CEO Richard Schaefer said in a report by FanHouse.com on Friday, that De la Hoya was merely misquoted.

"I spoke to Oscar and I wanted to know where that came from and he said that he was misquoted," said Schaefer.

"I saw those quotes as well, and I had no idea what Oscar was talking about. And I called him up and asked him about them," he added.

Schaefer said he "really cannot comment" on the status of the negotiations.

Boxing website TheBoxingTruth.com earlier quoted GBP president de la Hoya as saying the negotiations for the mega fight is close to getting done. (Click here for story)

“I think right now we are very, very close in finalizing the contracts. I can't talk right now in detail about the negotiations but I will say that we are very close,” de la Hoya reportedly said.

Pacquiao and Mayweather were supposed to face off last March 13 at the MGM Grand Garden Arena in Las Vegas, Nevada. But the talks for the fight collapsed because the boxers disagreed on the drug testing protocol

Pacquiao refused to undergo Olympic-style drug testing procedure, but later reversed his stand as long as the blood test would be conducted 14 days before the fight.

Top Rank chief Bob Arum is optimistic that the Pacquiao-Mayweather blockbuster bout can still be arranged.

Arum is quietly striving to reach an agreement with GBP, and has promised to honor their self-imposed gag order with negotiators.

"There is nothing to say. This falls under the heading of no news is good news," he told Examiner.com.