The biggest fight in combat sports history has taken a giant step forward with reports Floyd Mayweather and Conor McGregor have reached a multi-million dollar deal to fight.

The Irish Sun reports that the pair has agreed terms after an intense negotiating period, as representative from McGregor's camp met Mayweather representatives in recent days.

The news comes after McGregor cancelled a fan event in Ireland over the weekend, sighting a last minutes schedule change that would require the UFC champion to head to Las Vegas.

McGregor's sudden switch saw the rumour mill again go into overdrive; however it seems this time there's been significant progress.

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A source close to the McGregor camp reportedly told the Irish Sun that the deal for what would be the biggest fight in history has been struck.

"The contract hasn't officially been signed yet because of a third party holdup but all details have been agreed on," the source said.

"The fight could even be announced within two weeks."

Floyd Mayweather Jr last fought in 2015, getting his 49th consecutive win and then retiring. Photo / AP
Floyd Mayweather Jr last fought in 2015, getting his 49th consecutive win and then retiring. Photo / AP

McGregor is currently on a break from his UFC commitments as his partner Dee Devlin is set to give birth to the couple's first child in May.

The Irish star may have to still jump a major hurdle though to step inside the ring with Mayweather, as UFC president Dana White has claimed the fight will not happen without his permission, given McGregor remains under contract with the organisation.

McGregor feels that he can make the fight with Mayweather independently, but said in a recent live interview with MMA journalist Ariel Helwani that he hoped all parties could work together to make the fight happen.

"I think it's smoother if we're all involved. I think we're all about good business," McGregor said.

"I've done great business with the UFC, with Dana (White), with everyone. I think it's smoother if everyone just gets together and we get it involved. But again, everyone's got to know their place.

"Nobody is my boss. I know Floyd likes to say Dana (White) is my boss and this and he decides. Hell no. Nobody decides this. If they let people go fight jiu-jitsu tournaments, they can't stop me going to fight a boxing fight. So obviously it's smoother to do it all together, but look, everyone's just got to know their place, and everyone does know their place."

Conor McGregor at the weigh-in event for his fight against Eddie Alvarez in UFC 205. Photo / AP
Conor McGregor at the weigh-in event for his fight against Eddie Alvarez in UFC 205. Photo / AP

UFC president Dana White poured cold water on that idea just last week, saying McGregor has an iron clad contract and that he intended to hold the UFC lightweight champion to it.

"He's under contract with us. You have a contract for a reason," White told reporters.

"Let me tell you what, there are a lot of contracts out there, no matter what business you are in - UFC or whatever - and it's pretty tough to get out of a contract.

"And if that's what Conor wants to do (fight Mayweather), he's got four fights left. He's got four fights left with the UFC. Fight your four fights and, you know, go out and do what you want to do."

Mayweather has not tasted defeat in 49 professional fights, but McGregor feels he will become the first man to stop the boxing legend.

"I've got the reach. I've got youth. I've got the confidence. I've got the unpredictable style. You can't prepare for a style like me," McGregor said in a recent live stream interview.

"Why conquer one world when you can conquer two? So I'm going to go conquer two worlds."