Kevin Iole of Yahoo Sports passed along word of the new deal:
Top Rank provided comments from CEO Bob Arum, who was pleased the sides were able to finalize another contract in coordination with HBO:
We are pleased that together with our partners at HBO we will continue presenting to the public fights of the great Manny Pacquiao through the end of 2016.
The partnership among Manny, Top Rank, MP Promotions and HBO has been a wonderful one for all parties and for the public and it's great that is will continue for the years to come.
Pacquiao faced a lot of questions about his future after back-to-back losses to Timothy Bradley and longtime rival Juan Manuel Marquez. The form "Pac-Man" showcased while rising through the ranks was missing from those bouts.
He rebounded nicely over his past two fights, though. He outclassed Brandon Rios last November and exacted some revenge in a rematch victory over Timothy Bradley. With his stock back on the rise, it was a perfect time to announce an extension.
Aside from his performance in the boxing ring, there's also his role as a politician in the Philippines that clouded his future plans. It's something that may come into play again down the line, but it's now clear he remains committed to boxing for at least a few more years.
One question the extension does raise is whether any hope of a mega-fight between Pacquiao and Floyd Mayweather is now gone. It's a fight that's been hyped for several years, but the two sides have never been able to reach a deal.
Dan Rafael of ESPN is among the many boxing fans and analysts who would like to see the superstars face off at least once before they call it quits:
Although it's impossible to count something out in the wild world of boxing, getting rival promotions to work something out seems like a long shot. So it's probably more likely that fans will see yet another clash between Pacquiao and Marquez.
Assuming Pac-Man sticks with a two-fight yearly schedule, the extension means he has five more bouts before it's time to start talking about his future again. Hopefully one of those is against Mayweather; just don't count on it.
For now, Top Rank will just be happy to have locked up its biggest draw.