Floyd Mayweather’s camp issued a statement Monday afternoon regarding recent comments made by Manny Pacquiao’s promoter, Bob Arum.

At 11:59 p.m. on July 16, Arum held a conference call to inform media members that although both sides of the potential megafight had basically agreed on all points of a contract to meet on Nov. 13, Mayweather’s hesitancy to sign off on the deal has forced Top Rank to seek a new opponent for Pacquiao.

In a statement released Monday, Mayweather’s advisor and Leonard Ellerbe said that a deal between the two sides has never been met as Arum had suggested.

“Here are the facts,” the statement said. “(Mayweather’s manager) Al Haymon, (Golden Boy Promotions CEO) Richard Schafer and myself speak to each other on a regular basis and the truth is no negotiations have ever taken place, nor was there ever a deal agreed upon by Team Mayweather or Floyd Mayweather to fight Manny Pacquiao on Nov. 13.

It was the first statement made by anyone on Mayweather’s side since negotiations reportedly began following Mayweather’s latest win over Shane Mosley on May 1. If made, the fight is expected to be the richest in boxing history with each fighter making up to $60 million.

Both sides were put under a gag order by HBO during negotiations, a request that ended when Arum leaked to certain news sites that the deal was close in late June.

In his conference call on July 16, Arum admitted he hadn’t been in contact directly with Mayweather’s camp and that all negotiations were being relayed through HBO president Ross Greenburg.

Ellerbe’s statement verified as much, saying that either Greenburg or Arum was lying about the negotiations. Not surprisingly, Ellerbe hinted that Arum, who once promoted Mayweather before the two had a falling out, was the culprit

“Either Ross Greenburg or Bob Arum is not telling the truth,” Ellerbe said. “But history tells us who is lying.”

Pacquiao is expected to now face either Miguel Cotto or Antonio Margarito on Nov. 13. According to Arum, a deal with either of those two could be made as quickly as next week.

Representatives for Manny Pacquiao and Floyd Mayweather have agreed to terms on a megafight, Top Rank promoter Bob Arum told SI.com on Wednesday. The deal still needs to be approved by Mayweather.

Arum did not disclose terms of the deal, which is expected to be a 50-50 split and include some form of drug testing. The fight is scheduled for Nov. 13 at a location to be determined. Las Vegas and Dallas are considered the favorites to land the fight.

Arum told SI.com that Mayweather has until mid-July to make a decision.

"This really depends, as I see it, on whether Mayweather wants to fight [Pacquiao]" Arum said. "By mid-July, he's either in or out. We're not going to wait forever. We're going to have a fight on Nov. 13 and we would love it to be Mayweather."

Arum said that if Mayweather passed on the fight, they could still make a deal under the negotiated terms next year.

"Nobody is under any obligation to fight this year," Arum said. "He may need more time. When he is ready, we are prepared to do the fight."

Possible alternative opponents for Pacquiao are Miguel Cotto and Antonio Margarito.