No Pacquiao vs. Mayweather on May 5 as Pacquiao Prepares Rematch with Cotto

Top Rank Promotions owner Bob Arum is expected to announce Manny Pacquiao's next opponent in the next few days after future Pacquiao foe Floyd Mayweather, Jr. declined Pacquiao's offer for a 50-50 purse split.

Earlier, Mayweather phoned Pacquiao to let him know of his readiness to fight on May 5 but Arum, who handles promotion for Pacquaio fights, said he wants the fight to take place in a bigger venue later in May or early June to give way for a makeshift outdoor arena to accommodate at least 45,000 people.

Arum contends the event, considered the biggest fight in boxing history, should be held in a much bigger venue but Mayweather wants it held at the MGM Grand, which can only accommodate 16,500 people. The fight stands to lose at least $30 million in gate receipts if the fight takes place at MGM Grand, Arum added.

A day after the widely publicized phone call which caught Pacquiao by surprise, Mayweather said he was not agreeable to the 50-50 split proposed by Pacquiao, saying he is the major attraction and deserves a bigger share of the pie.

The disagreement by both parties on the date and venue of what appears to be the biggest and most lucrative fight in boxing history has again scuttled the most talked-about super fight for the third time in about three years.

In their previous negotiations, the parties failed to ink the fight contract due to disagreement on various contentious issues ranging from drug testing protocols to purse splits.

Arum has reportedly been informed by Pacquiao that he chose Cotto from among the challengers contained in his shortlist, which include Juan Manuel Marquez, Timothy Bradley, Lamont Peterson and Miguel Cotto.

Marquez and Peterson were earlier reported to be negotiating for a fight early this year, while Bradley was reportedly eyeing another fight before joining the Pacquiao sweepstakes.

In order to land another lucrative fight with Pacquiao, Cotto has to come down from 154 to 147. The Puerto Rican boxing idol has been fighting at 154 during the past two years.

RingTV.com reported Miguel Cotto has agreed to the terms put forward by Arum for him to face Pacquiao on June 9 at either the MGM Grand or at Thomas & Mack Center in Las Vegas, Nev.

The report did not say if Cotto agreed to come down to 147 as required by Pacquiao's trainer Freddie Roach, who said earlier he won't allow Pacquiao to fight over and above 147.

It is assumed Pacquiao's belt will be at stake.