By Steve Kim & Rick Reeno

Earlier today, Golden Boy President Oscar De La Hoya broke the news to BoxingScene.com that a proposed fight between Saul 'Canelo' Alvarez and Miguel Cotto for May 2nd was no longer on the table.

Todd duBoef, the president of Top Rank - who have a close relationship with the Puerto Rican star - told BoxingScene.com:

''(Oscar) obviously can say that on behalf of 'Canelo' so that's fine. If Canelo and (Oscar), they don't want to move forward with other things then let them move forward with other things."

As of Friday, it was believed that this fight was still being negotiated.

"Cotto and his guys said there was a proposition on the table and they said they'd get back to everybody on Tuesday when they were together. If that's not acceptable, then it's not acceptable," said duBoef.

Gaby Penagaricano, Cotto's legal adviser, told BoxingScene.com:

"I spoke with Oscar last night, he said there was pressure on him from Canelo and they needed to move on. That's fine, we have no problem with that. Oscar spoke to you about deadlines, but this is not about deadlines. This is about two sides reaching a deal. They were moving in the direction we wanted but they didn't get there. We didn't reach a deal. There are no hard feelings," Penagaricano said.

Golden Boy and Alvarez had reached out for other options in the past couple of weeks, namely James Kirkland, as a contingency plan. It's not clear what Cotto does moving forward. Some are speculating that he could fight again on Puerto Rican Day parade weekend in early June in New York, as he has done in the past - and Penagaricano said that scenario was an option.

Steve Kim is the news editor for BoxingScene.com