By Mark Vester

Promoter Bob Arum of Top Rank has issued an ultimatum to Miguel Cotto to make a decision on facing Michael Jennings for the vacant WBO welterweight title on February 21, or likely sit out until the June rematch with Antonio Margarito. Cotto has until the end of the day to make up his mind. The fight will take place on February 21 in Atlantic City, and featured as a co-main event on a Top Rank pay-per-view with Kelly Pavlik defending his middleweight titles in Ohio against Marco Antonio Rubio in the other co-main event.

“(Miguel) has until today to accept or otherwise remain without a fight until who knows when.  I don't know what he wants to do.  We sent an offer to Gabriel Peñagarícano (legal advisor of Cotto), but we haven't received an answer. We don't want Miguel to go too long without a fight," Arum told Primera Hora. "A fight against Jennings for the WBO title is the best that can be offered in such a difficult economic time."

The Cotto-Margarito rematch will take place in New York's Madison Square Garden.

"We want to do it in Madison Square Garden before the Puerto Rican Day Parade in June", Arum said. "It doesn't matter if Margarito loses [against Shane Mosley on 1/24] the Cotto rematch will happen."

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