During the official weigh-in yesterday at the Hard Rock Hotel-Casino in Las Vegas, Nevada, Pacquiao was three pounds overweight. Velazquez scaled in at 129 pounds.
Fightnews.com reported that the Pacquiao camp wanted to discuss a monetary settlement, but Velazquez insisted that the General Santos City fighter must lose the weight.
Eventually, both camps have reached an agreement for the bout to push through as scheduled today and it is only Velazquez who will be fighting for the WBC Continental Americas title.
The unfortunate incident came just three days before Bobby's brother Manny Pacquiao takes on Mexican legend Erik Morales in a hotly-anticipated rubbermatch billed as "The Grand Finale" at the Thomas and Mack Center also in Las Vegas.
It would have been Bobby's second defense of the crown he snatched by upsetting Carlos Navarro via seventh round knockout on June 17 last year at the Table Mountain Casino in Friant, California.
Bobby previously kept his belt stopping former two-time world champion Kevin Kelly of the United States in the fourth round last June 10 at the Madison Square Garden in New York.