Hatton's father said Saturday that his son (43-0, 31 knockouts) has reportedly agreed in principle to fight the American, probably in Las Vegas in November or December.
"The date and venue is up in the air, but we agreed via our lawyers what the financial side of it is going to be," Ray Hatton said. "I can't honestly tell you a deal has been done until I see the signatures on all the documents.
"Both sides were happy with what we finalized verbally."
The BBC reported that an official announcement could be made as early as Monday.
Ray Hatton did not say what weight the pair would fight at, although Hatton will likely move up to meet Mayweather, who won the 154-pound WBC super welterweight title against Oscar De La Hoya in May.
Ricky Hatton said he wanted to take on five-weight champion Mayweather (38-0, 24 KOs) after winning the 140-pound IBO light welterweight title last month with a knockout victory over Jose Luis Castillo.
Mayweather responded by saying he wanted the bout. He had announced his retirement from the ring after beating De La Hoya, but backtracked from a definitive decision shortly after.