LOS ANGELES -- Oscar De La Hoya and Fernando Vargas will meet in a 12-round bout May 4 at the Mandalay Bay Casino in Las Vegas for the WBC and WBA super welterweight championships.

"The deal is complete," Bob Arum, head of Top Rank Inc., said Thursday from Las Vegas. "The fighters have agreed to the purses and we have scheduled a press conference in Los Angeles next Wednesday for the formal announcement."

Arum returned recently as De La Hoya's promoter after the two went their separate ways a little over a year ago.

De La Hoya, from East Los Angeles, will earn $14 million plus a percentage of the pay-per-view sales, while Vargas, from Oxnard, Calif., will get $6 million plus a percentage of the pay-per-view profits, Arum said.

The bout is being promoted by Top Rank Inc., and Main Events Inc.

The 28-year-old De La Hoya, the WBC super welterweight champion, has a 34-2 record with 27 knockouts while Vargas, 24, the WBA's 154-pound title-holder, is 22-1 with 20 knockouts.

De La Hoya has won championships in five divisions in his career -- junior lightweight, lightweight, junior welterweight, welterweight and super welterweight.

De La Hoya and Vargas have made clear for years their dislike for each other, and Vargas told KEYT television in Santa Barbara earlier this week he has "no respect whatsoever" for De La Hoya.

"Fernando's looking forward to this fight, it's the fight of his dreams, the fight of his life," Vargas' manager, Rolando Arellano, said Tuesday.

It appeared in August the two had an agreement to fight Dec. 8, but De La Hoya withdrew his offer and signed to fight mandatory challenger Roman Karmazin. However, De La Hoya had to call off the fight because of an injured wrist that required surgery.