Golden Boy Promotions President Oscar De La Hoya revealed that Saul "Canelo" Alvarez has already agreed to face Miguel Cotto on May 2, and their camp is waiting for the Puerto Rican champion to accept the deal.

De La Hoya told RingTV on Tuesday night that Alvarez, who has been looking to face Cotto since earlier this year, has already agreed to the terms presented to him, but they are still waiting for Cotto's camp, which includes Top Rank Promotions CEO Bob Arum, to decide.

Cotto is represented by legal adviser Gaby Penagaricano and Top Rank Promotions President Todd duBoef, but De La Hoya admitted that he sought Arum's help about the possible terms of the fight.

De La Hoya said he had a productive meeting with Arum that gave him confidence that the fight will happen on Cinco De Mayo weekend on May 2.

"Bob and I talked about the major issues that were a possible concern. But after our conversation, we found out that this fight will get made relatively sooner than anticipated," De La Hoya said. "So we're getting closer. We are getting closer. I have no doubt in my mind that we will get Canelo-Cotto done for the May 2 of next year."

Arum echoed De La Hoya's statement, saying that he had a good meeting with the GBP President. Arum said, though, that Cotto will make the final decision, which means that it could still take time for the highly anticipated fight to be finalized for next year.

"We're still negotiating. Miguel has not been informed yet of various details of the negotiations, and everything is progressing favorably," Arum said. "But it has to take a little bit more time. We have to go through the process."

As for the fight venue, De La Hoya said that Las Vegas is the most logical choice, considering the magnitude of the fight, but he also revealed that the Alamodome in San Antonio and the Dallas Cowboys' Stadium is also being considered for the showdown.

Cotto, who will likely defend his World Boxing Council middleweight title, wants to fight at Madison Square Garden in New York. While it is not out of consideration, De La Hoya said that Las Vegas and Texas are on top of their list.

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