The fighting senator is considered to be the favorite at -350 while Ugas is positioned as a +275 underdog despite being the titleholder.Sean Gibbons, the MP Promotions president, earlier said this could be Pacquiao's "poetic justice" should he win.
Early this year, Pacquiao, holding a decorated record of 62 wins on top of 39 knockouts, seven defeats, and two draws, got stripped of his super WBA belt due to his inactivity and was named "champion in recess."
Things looked good for Ugas, who was elevated from "regular" to "super" status, but not for Pacquiao as the WBA denied his appeal for reinstatement last month.
Nothing is cast in stone yet whether this would be Pacquiao's swan song but the fighting senator assured to take it "one at a time" and vowed fans for an explosive fight.
"Tomorrow night I will give my best to the fans and of course for the honor of my country and this fight will be dedicated to the Filipino people for their unwavering support, love, and prayers," he said.
Ugas, for his part, showed class for the last time before the world title showdown kicks off Saturday there (Sunday in Manila).
"Being in the ring with a legend like Manny Pacquiao, I have a lot of respect for him so I'm very excited but all respect is finished after we get in the ring tomorrow," said the 35-year-old Ugas. "Very emotional and very excited for this opportunity. I have the belt so whoever wins tomorrow gets the belt, but right now I'm the champion and I'm ready."
The 5-foot-9 Cuban pugilist improved to a 26-4 record with 12 knockouts after beating Abel Ramos last September.