Manny Pacquiao vs. Floyd Mayweather? Yeah, right.

Mayweather went in front of the Nevada State Athletic Commission (NSAC) today (Feb. 1, 2012) to apply for his fight license for a May 5 bout that everyone and their mother hoped would be against Pacquiao.

As it turns out, "Money" was granted his license by a unanimous vote of 5-0, according to ESPN.com. During the hearing, Mayweather revealed that he has come to an agreement to fight junior middleweight Miguel Cotto at the MGM Grand Garden Arena.

Kevin Iole later confirmed that the bout will be for Cotto's 154-pound title.

Cotto, of course, is coming off his destruction of Antonio Margarito back in Dec. 2011 at Madison Square Garden in New York. He's won three fights in a row and was last defeated by -- surprise -- Manny Pacquiao.

So it's not the fight the fans so badly wanted but realistically, it's probably the best fight available outside of it.