By Miguel Rivera

Gabriel Peñagarícano, the legal adviser of former three division world champion Miguel Cotto (38-4, 31KOs), says the Puerto Rican star is going to return on June 7th at New York's Madison Square Garden - with or without WBC middleweight king Sergio Martinez (51-2-2, 28KOs).

Cotto has officially passed on a $10 million dollar offer to face Saul "Canelo" Alvarez on March 8th at the MGM Grand in Las Vegas - and officially made it clear, in an earlier article on BoxingScene.com, that Martinez is his main target for the June date.

The negotiations are ongoing and should continue for the next few weeks, says Peñagarícano.

"Miguel is going to fight on June 7, that is final and binding. Whether or not it's going to be Martinez, that will be dictated by the negotiations. We are speaking with Martinez and right now we are at a preliminary stage [in the negotiations]. It will take a few days and I presume that the talks will continue until January. We have a long time to go before [the June date]. In January, we will know one way or another [whether a deal will be reached with Martinez]. I have enough time to pursue other alternative choices for Miguel [if Martinez falls through]," said Peñagarícano.