Floyd Mayweather will take on Shane Mosley in a marquee welterweight matchup on May 1, with both fighters agreeing to "Olympic-style" drug testing - an issue that scuppered Mayweather's fight with Manny Pacquiao.

"This one is definitely for the fans as I wasn’t going to waste anyone's time with a meaningless tune-up bout and asked to fight Shane immediately," the unbeaten Mayweather said.

"I have said ever since I came back to the sport that I only wanted to fight the best. I think Shane is one of the best but come May 1, he still won't be great enough to beat me."

For his part, Mosley insisted he "will have no problem beating him".

Leonard Ellerbe, chief executive of Mayweather Promotions, said the fighter was especially pleased with the drug testing plans, saying Mayweather was "happy to set the precedent for random blood testing in order to ensure fair and safe contests for all fighters".

Mayweather will bring a record of 40-0 with 25 knockouts to the bout.

Mayweather returned from a two-year absence with a victory of Juan Manuel Marquez last September.

That appeared to pave the way for a mega-fight with Filipino star Pacquiao, who had supplanted Mayweather as the top pound-for-pound fighter in the world in the minds of many.

But that bout fell through over disagreement on pre-fight blood testing procedures, with Pacquaio unwilling to agree to the random tests demanded by Mayweather.

After weeks of wrangling and a failed attempt at mediation, the proposed Mayweather-Pacquiao bout, tentatively scheduled for March 13, was declared dead.

Pacquiao is now scheduled to face Ghana's Joshua Clottey on March 13 at Cowboys Stadium in Dallas.

The West Australian

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