TMZ Sports talked to Leonard -- one of the greatest fighters of all-time -- from the Cedric The Entertainer Celebrity Golf Classic in Camarillo, CA ... and we asked him if MayPac 2 should really be a thing.
Leonard's answer ... most definitely, yes.
"It'd be a great fight. Put it this way, it should be done."
"People will watch it."
Remember, Floyd and Manny's 2015 fight -- billed as the "Fight of the Century" -- was considered by most a major disappointment ... but MP later revealed he was battling a serious shoulder injury that held him back during the fight.
Manny -- who's now 40 years old -- beat previously undefeated fighter Keith Thurman last month ... and looked great during the match.
Pacquiao and his trainer, Freddie Roach, haven't been shy about wanting a rematch ... and if Sugar Ray's right, fans are willing to pay to watch it again.