As Coppinger noted, the two fighters are with Premier Boxing Champions, which is looking for a broadcast date and location for the event.
Arreola is 38-6-1 lifetime with two no-contests. He is coming off a unanimous-decision loss to Adam Kownacki in August 2019. Thirty-three of the 39-year-old's wins have come via knockout.
Ruiz is 33-2 lifetime with 22 knockouts. His only defeats have come against Joseph Parker and current unified champion Anthony Joshua, who Ruiz upset by seventh-round TKO in June 2019.
Joshua returned the favor in December 2019, winning his title back by unanimous decision. Ruiz has not fought since that match.
Per Coppinger, Ruiz will train with Eddy Reynoso, who also trains superstar fighters such as Canelo Alvarez and Ryan Garcia.