By Rick Reeno

BoxingScene.com has been advised that there are serious ongoing negotiations to finalize a featherweight showdown between IBF champion Billy Dib (35-1, 21KOs) and undefeated contender Jayson Velez (19-0, 14KOs) of Puerto Rico.

If the fight gets made, it would take place on December 1st at New York's Madison Square Garden - as part of the Showtime broadcast which features Miguel Cotto vs. Austin Trout in the televised main event.

Velez is an up and coming contender under the banner of Miguel Cotto Promotions. Dib, with far more experience, is a big step up in class for Velez. The Australian boxer has won his last fourteen outings since suffering a twelve round decision loss to Steven Luevano in 2008.

There is still a sticking point that has to be resolved. At the moment, Velez is not ranked in the top 15 by the IBF. However, Velez is expected to enter the top 15 in the IBF's November rankings. Mauricio Javier Munoz is also the mandatory challenger to Dib's title, but that situation can easily be resolved by requesting an extension and paying a small fee.

Both sides are waiting for the IBF to approve the match before finalizing the details.

"The fight has been agreed to in principle. We are working on the contract documents and we are working with the IBF to get it approved," said Gaby Penagaricano of Miguel Cotto Promotions to BoxingScene.com.

Tags: Jayson Velez , Billy Dib