It is the contest every fan wants to see — Floyd Mayweather Jr versus Manny Pacquiao, the world’s two best boxers battling for the title of pound-for-pound No 1. But before the semi-final has begun, the power players are saying that the final is unlikely to happen soon.

Mayweather’s name will be thrown around in Las Vegas this week, as Pacquiao prepares to challenge for Miguel Cotto’s WBO welterweight title, a bout many expect to be the best of the year. Logically, the winner should face Mayweather, who came out of retirement to beat Juan Manuel Márquez in September, but logic seldom plays a part in such things.

Some bouts are said to be so big that they must happen. But they can take years, often happening too late — as did Lennox Lewis’s contest against Mike Tyson in 2002 — when a last grab for money is the motivation.

Indeed, Mayweather appears more likely to share a ring again with Ricky Hatton than Pacquiao any time soon. Rows over money and promotional rivalries make Mayweather-Pacquiao seem a long way off.

The elite level of the sport, particularly in the United States, can resemble a carousel, revolving with the same names. It can be impossible to get on for some, but once aboard it seldom stops to let anyone off. Name recognition often comes before quality.

Hence one bout being mooted for early next year is between Roy Jones Jr and Bernard Hopkins, who boxed each other first in 1993 and will have a combined age of 86 if they do meet.

Take the case of Hatton. In May he was brutally knocked out by Pacquiao, a bout that had an end-of-career feel about it. Hatton has yet to decide if he will box on, but his brother’s IBO welterweight title bout against Lovemore N’dou tomorrow has stirred his passion again. “Being in the gym around Matthew, seeing him prepare, doing the promoting and seeing other friends being successful has made an impression on me,” he said. “I’m still undecided. But recently my feet have started tapping that little bit more.”

He has not been short of offers. Two big names who are being mentioned as possible opponents for a return in May next year in Manchester are Márquez and Juan Diaz. If Hatton were to win that, he could once more face Mayweather, who knocked him out in ten rounds in 2007.

All of which makes it seem surprising that this week’s bout is taking place. Pacquiao and Cotto are promoted by Bob Arum’s Top Rank. “My job is to put them in fights where they can make the most money,” Arum said. “Sure, it is tough to see one of my fighters beating up on another one, but I am confident these two guys are going to give a great account of themselves. They are on the biggest stage that boxing can offer and they are going to make a lot of money.”

The window for a Mayweather-Pacquiao bout seems to be about March next year, because Pacquiao is planning to run in the Filipino Congressional elections in May. Arum wants to feature the boxer at the Dallas Cowboys’ stadium in Texas on March 13, but he has denied that Mayweather is being considered as an opponent. Instead, it could be Márquez.

The two have met twice, drawing the first bout and Pacquiao winning a narrow decision in the second. There would be plenty of interest in a third contest, but it is not the one the fans really want.

Dallas would seem an unlikely location, though. Las Vegas casino money is always a factor, while the new Yankee Stadium in New York — which staged the launch press conference for the Pacquiao-Cotto bout — is reportedly keen to stage boxing.

If a Pacquiao bout cannot be agreed, Mayweather would be expected to face Shane Mosley, the 38-year-old WBA welterweight champion. But Mosley will box Andre Berto, the 26-year-old WBC champion, in January. Mayweather may have to wait to face the winner in May, but whatever plans the five-weight champion has are secret.

If Cotto wins — and many believe he will — Mayweather-Cotto would appear easier to organise because the Puerto Rican’s demands would probably not be so great. “I am here for the big names and ready for the hot opponents,” Cotto said. “That’s what boxing needs, for the guys at the top to fight other guys at the top, like it was 20 years ago. Make the fights that fans want to watch. I am here for any boxer that wants to fight Miguel Cotto.”

However, what boxing needs and what boxing gets are seldom the same thing.