By Steve Kim

So what does Bob Arum, CEO of Top Rank, think of the recent rumors of Miguel Cotto being offered $40 million to rematch Floyd Mayweather in 2015?

"That is nonsense,'' said the veteran promoter, flatly, to BoxingScene.com. "It's just not true, we're negotiating with Cotto to finalize this fight with Canelo (Saul Alvarez) and we've been absolutely assured that's not true."

A match-up between Cotto and Alvarez will be one of the most anticipated bouts of the upcoming year and would add to the storied history of the Puerto Rican-Mexican boxing rivalry. The plan is to stage that fight on May 2nd, Cinco De Mayo weekend.

"We have to have it done by Monday or Tuesday of next week," said Arum to BoxingScene on Monday morning. "This week everybody is off on vacation but stuff is happening, we're moving ahead. I mean, we expect by the beginning of January to have an announcement.

As for where this fight would be staged, Arum stated,"We have to pick a venue. We're talking about either Las Vegas or Texas."

According to Arum, 'Texas' would mean either the Alamodome in San Antonio or the home of the Dallas Cowboys, AT@T Stadium in Arlington.

Steve Kim is the news editor for BoxingScene.com.