By Lem Satterfield

New York - As the new WBA junior middlweight champion, Miguel Cotto now has a world of options at his disposal, including possible rematches with Pacquiao (51-3-2, 38 KOs), and, Margarito (38-6, 27 KOs).

Presently, however, Arum is working to make a megabout between Pacquiao and unbeaten welterweight, Floyd Mayweather (41-0, 25 KOs), whose prior negotiations reached an impasse over the issue of random drug testing.

"Everything depends on whether or not we can do a Pacquiao-Mayweather fight. If that falls into place, then we'll match up the other people. Now if Mayweather is not going to be available, then Pacquiao would look to Margarito, or, a rematch with Cotto at 154," said Arum of an option that would allow Pacquiao to pursue a record eighth crown in as many weight classes.

"Either one is a possibility. So then I'd have to go to Manny and talk to Manny, etc., etc.," said Arum. "But that becomes moot if Mayweather's available to make the Mayweather fight, because that's the fight that Manny and I want to make."

Other 154-pound champions include WBC king Sergio Martinez, IBF champ Cory Spinks, WBO titlist Sergei Dzinziruk, and, WBO interim belt holder, Alfredo Angulo.

"The problem is that Miguel wants to be compensated in a way that he can only be compensated in a pay per view fight. This Martinez is a wonderful fighter, no question about it. He has a great style," said Arum.

"But it's not something that sellable on pay per view yet," said Arum. "Martinez has a promoter who is a good promoter in Lou DiBella, and Lou will figure it out."

As for Cotto's other options, Arum mentioned Margarito or middleweight (160 pounds) Julio Cesar Chavez Jr. (41-0-1, 30 KOs), who will meet John Duddy (29-1, 18 KOs) on June 26.

"I think that this opens up a possiblity of Cotto against Margarito, or -- depending on how he looks on June 26 against John Duddy -- Julio Cesar Chavez Jr.," said Arum. "[Trainer] Freddie Roach says that he's [Chavez Jr.] coming along like a house on fire. But let's see how he does with John Duddy."

Lem Satterfield is the boxing editor at AOL FanHouse and the news editor at BoxingScene.com.