In one of the most anticipated fights of the year, Manny Pacquiao will challenge WBO welterweight champion Miguel Cotto on November 14 at the MGM Grand in Las Vegas. Pacquiao and Cotto reached a deal on Monday and the fight was announced by their mutual promoter, Top Rank.

"It Was a long negotiation, but finally we arrived at an agreement and all is well. Big things were achieved and we are happy with [the negotiation]. We are very happy with everything that was achieved for this fight," said Cotto to El Nuevo Dia. "It is one of the most anticipated fights of this year."

As part of the deal to get the Pacquiao fight, Cotto extended his current contract with Top Rank through the end of 2011. Cotto's contract was going to expire at the end of the year and there were rumors that he might jump ship to another promoter.

"It was one of the clauses in finalizing the deal. I have been with them since the beginning of my career and I'm happy with them," Cotto said.

Cotto plans to his training camp at the start of August. The training camp will once again take place in the state of Florida. Pacquiao will receive the bulk of the money involved. Some say the split could be as high as 65-35 in Pacquiao's favor. Cotto's legal adviser defended the deal. Cotto is expected to make the biggest payday of his entire career.

"One has to realize that Pacquiao has already been involved in some big fights and that has a great value inside the industry, but the agreement is very good for Miguel," said Gabriel Penagaricano.

The promotional tour will start during the early part of September, with stops in New York, Los Angeles and San Juan, Puerto Rico.