Middleweight beltholder Peter Quillin could soon defend his WBO title against promotional stablemate Danny Jacobs.
Mayweather avoids jail for now, eyes Pacquiao, Alvarez, Guerrero bouts - Next
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Mayweather pleaded guilty last month to a reduced battery domestic violence charge and no contest to two harassment charges, a deal which led to prosecutors dropping felony and misdemeanor charges that could have gotten Mayweather 34 years in prison.
"I'm excited for fight fans, for sports fans, and, most importantly, for Floyd Mayweather and his family. We are going to have Floyd Mayweather back fighting on May 5 at the MGM Grand in Las Vegas," said Schaefer.
"When Floyd fights, it's always been the Super Bowl of Boxing. So, we're really thrilled for everyone that we are going to see this amazingly talented and skilled super star back in the ring."
Pacquiao (54-3-2, 38 KOs), who is 33, is coming off of his 15th straight win, November's disputed majority decision over the 38-year-old Marquez (53-6-1, 39 KOs), whom he had battled through a draw and a split-decision victory in two prior meetings.
A southpaw whose run includes nine knockouts, Pacquiao also has vanquished the 31-year-old Cotto (37-2, 30 KOs), whom he dethroned by 12th-round stoppage in November of 2009 for his current WBO welterweight belt.
The 28-year-old Bradley (28-0, 12 KOs) owns a unanimous decision victory over the 27-year-old Peterson (30-1-1, 15 KOs), against whom he successfully defended his WBO crown in December of 2009.
Since being dropped in the third round of his loss to Bradley, Peterson is 3-0-1 with two knockouts, and is coming off of last month's split-decision victory that dethroned Amir Khan for his current titles.
Arum cast some doubt on Pacquiao's availability for May, and appears to be leaning toward a date in June.
"If there was enough time, then it would be fine. But Manny was cut badly in the last fight, and I'm not going to put him in a fight where the cut's going to open again or where he can't spar," said Arum.
"We're locked into one arena, because my hope was that if the fight was in June sometime, then we would have the opportunity for Manny to fill this 40,000-seat arena that they're building rather than the one that is at the MGM Grand in Las Vegas [that only holds 1,600.]"
If Pacquiao is not available, Guerrero, 28, said that he would be happy to take his place. Guerrero (29-1-1, 18 KOs) has returned to training this month from rehabbing his left shoulder since the injury forced him to cancel an Aug. 27 clash with that was to mark his junior welterweight debut against Marcos Maidana.
A two-time IBF featherweight and one-time IBF junior lightweight beltholder, Guerrero has a 13th-fight winning streak that includes nine stoppages, and is coming off a unanimous decision over Michael Katsidis for the WBO and WBA's interim lightweight belts in April.
Alvarez (39-0-1, 29 KOs), who is 21, is coming off November' s fifth-round knockout of former two-time welterweight beltholder Kermit Cintron.