Manny Pacquiao is reportedly discussing a new deal with Bob Arum, which could mean that the former pound-for-pound king will end his career with Top Rank Promotions.

Arum told ESPN insider Dan Rafael on Monday that he is already negotiating a five-fight contract extension with Pacquiao, which would keep the Filipino boxing icon under Top Rank's umbrella until 2016.

"Yes, we are talking about the extension," Arum said. "We are working it out. We are talking about a lot of things. How many fights would be in Macau, how many would be in the United States, how many in other places. But we are talking about five fights."

Michael Koncz, Pacquiao's adviser, also confirmed the reported negotiations, but he pointed out nothing is close to being finalized because there are lots of details to be ironed out.

"I have had conversations with Bob about an extension, but nothing has been finalized," Pacquiao said. "Do we fight again this year or take some time off and fight next year? There are a lot of things to work on, but the new agreement we are discussing would entail five fights. That's our intention, barring injury."

Pacquiao's contract will end by the end of the year, but the reigning WBO welterweight champion has been saying all along that he intends to stay with Top Rank, who has been promoting Pacquiao's fight since 2007.

Signing a new deal could also mean that the long-dreamed showdown between Pacquiao and Floyd Mayweather Jr. will not happen at all.

The unbeaten American previously said that he will not face Pacquiao as long as he is under Arum's Top Rank Promotions, but Koncz believe that Mayweather is just making excuses, and is really not interested in facing Pacquiao, fearing that his winning run will come to an end.

"I don't believe Floyd not fighting us has to do with Bob," Koncz said. "Why did he wait until he exhausted all other excuses before saying he wouldn't fight Manny if Bob was involved?"

Pacquiao is coming off a unanimous decision win over Timothy Bradley in their rematch on April 12. If speculations are correct, the 35-year-old Filipino will face Juan Manuel Marquez for the fifth time later this year.