It appears a deal has finally been reached for Miguel Cotto to face Michael Jennings of the UK for the vacant WBO welterweight title. Cotto's legal advisor Gabriel Penagaricano says that a deal was reached in principle with Top Rank on Saturday, to fight Jennings on February 21 - likely at the Boardwalk Hall in Atlantic City, though Puerto Rico still has a minor shot at hosting the fight. Penagaricano points out that contracts still have to be signed.

"During the day on Saturday, we reached an agreement in principle to finally do the fight on February 21, although nothing has been signed as of yet. Now we go through the process of editing the contract, but everything has already been agreed upon so there should not be a problem. It will be against Michael Jennings for the vacant title of the WBO," Penagaricano told El Nuevo Dia. "There is also an agreement in principle, that neither has signed, between Bob Arum and Jennings' promoter, Frank Warren."

The paper says that Cotto stands to make at least $3 million for the fight. Then the pay-per-view comes into play. Cotto-Jennings is scheduled to be a co-main event on a Top Rank promoted pay-per-view event. The other co-main event will feature Kelly Pavlik defending his middleweight titles against Marco Antonio Rubio.

Cotto has a rematch scheduled for June with Antonio Margarito, who faces Shane Mosley on January 24 in Las Vegas.