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$38 million fight between Manny Pacquiao and Amir Khan is off

It turns out that the Philippines’ Manny Pacquiao will not be fighting British pro Amir Khan, after all.

The two headlining boxers had initially agreed to a $38 million offer to fight in the United Arab Emirates (UAE) in April.

The offer, which was made an unnamed group of investors in the UAE, has been revealed to be fake.

Pacquiao and Khan had earlier posted details of the fight on their Twitter feeds last week, with Khan saying that his team had "agreed terms" with Pacquiao.

My team an I have agreed terms with Manny Pacquiao and his team for a super fight #pacquiaokhan #April23rd

— Amir Khan (@amirkingkhan) February 26, 2017

My team and I are in negotiations with Amir Khan for our next fight. Further announcement coming soon. #TeamPacquiao pic.twitter.com/nW5jpmwVJs

— Manny Pacquiao (@mannypacquiao) February 23, 2017

However, Pacquiao’s promoter Bob Arum now says the fight is "not going to happen."

"That deal is done for now. When they contacted me, I told them it was pie in the sky, that this is crazy, it’s not going to happen. Manny wanted to roll the dice…and it came up snake eyes," Mr Arum told the L.A. Times.

"If something is too good to be true, it’s too good to be true."

However, he added that a match between the duo could be revisited "with realistic numbers" later on this year.

Mr Arum added that Pacquiao’s manager Michael Koncz was waiting for Pacquiao to respond to a proposal for a new potential fight.

The Filipino boxer allegedly still wants to fight "as soon as possible."

Pacquiao is the first and only boxer to have won world titles in eight different weight divisions. He is currently also serving as a senator in the Philippines.

Khan, who became Britain’s youngest boxing Olympic medallist at the age of 17, was ranked as the world’s 8th best boxer by the International Business Times — several ranks lower than Pacquiao, who came in on top of the list.