Manny Pacquiao is set to face Timothy Bradley on April 12, while Floyd Mayweather Jr. will return to the ring on May 3rd, but a veteran boxing analyst still sees the possibility of seeing the two superstars face each other.

In an interview with BoxingScene, Merchant admitted that he is losing hope about the potential super fight because of several failed attempts to finalize a showdown.

But the world-renowned analyst quickly added that while the possibility is slim at this point, Mayweather and Pacquiao will eventually set aside their egos and give the fight fans what they are looking for.

"I've been telling people for three or four years that I thought it would happen and I've been consistently wrong," Merchant said. "It's not going to happen anytime real soon. But listen, Tyson and Lewis didn't happen in their primes and yet it was a huge event when it happened. So is it conceivable? Yes, but I think there's a question about Manny and whether he's the Manny of story and song, whether he's really going to be an elite fighter for very long."

Merchant said that Pacquiao, who recently challenged the flamboyant American in a showdown for charity, should prove that he still deserves a shot against the reigning pound-for-pound king.

The Filipino boxing icon's stock went down greatly when he absorbed a controversial split decision to Bradley in June 2012, which was followed by a devastating sixth-round knockout loss to Mexican nemesis Juan Manuel Marquez in their fourth showdown.

The 35-year-old pound-for-pound king recently bounced back from the two stinging defeats with a dominating win over Brandon Rios in November last year.

But while most analysts said that Pacquiao is definitely back, Merchant pointed out that the former eight-division champion failed to prove that he is a fighter who is still on top of his game.

"It did not answer it for me," Merchant said when asked whether Pacquiao can regain his deadly form. "It showed that he's a very special athlete who was able to make yet another reinvention of himself. Whether he can beat an elite opponent using that style or if he has yet another gear we don't know."

Mayweather, who is coming off convincing wins against Robert Guerrero and Saul "Canelo" Alvarez last year, is expected to name his next opponent soon.

The undefeated Grand Rapids native recently said that his last fight will be on September, leaving a slim window for the potential record-breaking showdown.