Upon the request of Manny Pacquiao (made because Mayweather sustained a rib injury that has indefinitely postponed his upcoming fight), Arum will “try to conclude an agreement on Monday with the Cotto people.”
The fight looks to be scheduled for this November. While the Pacquiao camp was looking at a Mayweather fight as Pacquiao's next bout, the rib injury Mayweather suffered “means Manny couldn’t possibly fight Mayweather until sometime next year," says Arum.
Cotto is handled by Arum as well, so the fight is basically in the bag.
Boxingscene.com contributed to this story.