LAS VEGAS (AP) -- Manny Pacquiao's refusal to accept terms already agreed to by his promoter has apparently scuttled the planned May 2 fight between him and British fighter Ricky Hatton.

Promoters for both fighters said Wednesday the fight is off, with little chance of it being revived.

"You never say never, but right now it's off," said Bob Arum, who promotes Pacquiao. "Hatton's shopping around for a new opponent now."

Arum said the original agreement was for the two fighters to split their shares 50-50, with Pacquiao having a $12 million guarantee. That deal fell through when Pacquiao demanded the bigger percentage, and a new agreement called for him to get 52 percent of the purse.

But Arum said he couldn't get Pacquiao to sign the new deal, and that Hatton's promoter, Richard Schaefer of Golden Boy Promotions, decided Wednesday to cancel the ongoing preparations for the 140-pound bout.

Pacquiao is coming off a dominating win over Oscar De La Hoya and is generally considered the best pound-for-pound fighter in the world. Hatton was an attractive opponent because he would bring ticket and pay-per-view sales from England for the fight, which had been scheduled for the MGM Grand hotel in Las Vegas.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.