Pacquiao insists he will step away from the ring after the third and final instalment of his rivalry with WBO welterweight champion Bradley at the MGM Grand in Las Vegas on April 9.
The 37-year-old is planning to run for a seat in the Philippines’ senate later this year after already serving as a representative in the country’s congress.
“I’m so happy to be hanging up my gloves after this fight,” Pacquiao (57-6-2-KO38) told a press conference in Los Angeles a week ago.
But Arum thinks Pacquiao could still perform a U-turn and he would love to see a rematch with Floyd Mayweather.
“Once that bell rings for that final round, Manny Pacquiao’s going to rethink it and who knows if he decides to return?” Arum told AFP.
“I’ve been in this boxing business for 50 years and I know that fighters retire and other than, say, Rocky Marciano, they come back.
“Will it be Manny’s last fight? I’m not ready to guarantee that.”
Arum also hinted at a rematch for Pacquiao against unbeaten American Mayweather, who himself retired after equalling Marciano’s 49-0 mark with a points defeat of Andre Berto in September.
“I’d love to see a Mayweather-Pacquiao second fight, of course I would,” said the 84-year-old. “The first fight was by far the most lucrative in the history of boxing.
“But Mayweather has to un-retire, Manny has to decide whether or not he’s elected to the senate and he’ll do the rematch, so we’ll have to see.
“You know, I’m done predicting what athletes are going to do.”