By Salvador Rodriguez

Gaby Penagaricano, legal adviser to WBC middleweight champion Miguel Cotto (39-4, 32KOs), says the Puerto Rican star's future plans are not revolving around a potential May fight with Saul "Canelo" Alvarez (44-1-1, 32KOs).

Canelo was going to fight in December, but withdrew on Monday with an ankle injury. On Tuesday, Canelo's manager Edison Reynoso said their focus is a securing a major fight in the month of May, Cinco De Mayo weekend, and Cotto was their main target.

Cotto traditionally fights in the month of June at Madison Square Garden in New York City, on the eve of the Puerto Rican Day parade. But he's also taken fights in May, as he did in 2012 when he fought Floyd Mayweather Jr. on Cinco De Mayo weekend.

"We remain focused on what we're doing. If Canelo wants to fight, when we discuss our plans we'll see where Canelo stands [in those plans]," Penagaricano stated. "That is one of the possible fights that I'm sure we'll evaluate. But we have not begun [the evaluation process yet]."

Pengaricano made it clear that nobody will dictate any terms to Cotto, who sees himself as the A-side of the equation.

"[In discussing such a fight] it is necessary to first see the financial structure, under our rules and our criteria. We are not going to fight with Canelo's team over who dictates the fight. Here it is necessary to measure the trajectory of one fighter against the other. Miguel has been an established figure for years and years and Canelo is just beginning to dance," Penagaricano said.

Late last year, former Golden Boy CEO Richard Schaefer offered Cotto $10 million dollars to fight Canelo in March of this year. Cotto passed on the offer and instead went for history by facing Sergio Martinez in June.

According to Penagaricano, Schaefer's offer was actually more than the reported amount, but also said his boxer is now in a much stronger position than he was last year - a clear indication that a higher sum will be required to secure Cotto.