By Jhonny Gonzalez

The race continues to secure the services of WBA 154-pound champion Miguel Cotto. Gabriel Peñagaricano, Cotto's legal advisor, is currently discussing two lucrative deals for the Puerto Rican star. Cotto could possibly face Floyd Mayweather Jr. on May 5th at the MGM Grand in Las Vegas, or he could face Manny Pacquiao in a rematch on June 9th.

Cotto and his adviser held a meeting with Top Rank's CEO Bob Arum to finalize a deal to face Pacquiao, but the two sides were unable to reach an agreement. The main obstacle is the weight. Pacquiao refuses to fight above 147-pounds. Cotto would likely agree to a catch-weight of 150.

"It was a good meeting. We have a number of points that we need to discuss again and also we have to convince Manny to join the idea. The fight between Pacquiao and Cotto is what we want to see. There is still enough time to resolve the issues, so we'll talk again," Arum told Carlos Gonzalez.

When Pacquiao stopped Cotto in 2009, they fought at a catch-weight of 145-pounds. If Cotto decides to fight Mayweather, there wouldn't be an issue on the weight.

"The weight was one of the issues discussed," said Peñagaricano. "Both fighters are at different weights and they are separated by a few pounds. We are not pessimistic and we will continue talking. "[The Mayweather] fight is entirely feasible. We have also had several conversations with Mayweather's representatives and that is being evaluated. In that case there would be no weight issues."