The general consensus seems to be it's not happening any time soon.

Pacquiao Admits Mayweather Fight Unlikely Until 2015 - Boxing News

Manny Pacquiao confirms no negotiations between him and Mayweather - BoxingSocialist.com

Gulf Daily News » Sports News » Pacquiao denies talks with Mayweather

Manny Pacquiao: No Floyd Mayweather negotiations | Boxing News | ESPN.co.uk

Manny Pacquiao rubbishes talk of fight with Floyd Mayweather - Independent.ie

http://http://www.telegraph.co.uk/sp...ayweather.html

Manny dismisses talks with Floyd - SuperSport - Boxing