"Mayweather personally has been in touch with the family, according to Leonard Ellerbe, the CEO of Mayweather Promotions," reports the Associated Press.
Mayweather is committed to handling all costs for the funeral on June 9 in Floyd's hometown of Houston, as well as other expenses.
TMZ originally reported Mayweather's offer, and said he will also pay for services in Minnesota and North Carolina.
"He'll probably get mad at me for saying that, but yes, he is definitely paying for the funeral," Ellerbe told ESPN.com on Monday.
Mayweather, who lives in Las Vegas, has not met the Floyd family.
Mayweather, who retired undefeated after 50 fights, winning five division titles, also paid for the funeral of an opponent. Mayweather won his first world championship when he stopped Genaro Hernandez for the WBC super featherweight title in 1998. Hernandez died 13 years later of cancer, and Mayweather handled funeral expenses.
Mayweather is considered one of the best boxers of his generation. Among the champion boxers he defeated before retiring in 2017, are Manny Pacquiao, Canelo Alvarez, Oscar de la Hoya and Miguel Cotto.
Read more at AP:
Boxer Floyd Mayweather to pay for George Floyd's funeral