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Richard Schaefer offers Miguel Cotto ‘well in excess of $10 million’ to fight Canelo Alvarez

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Golden Boy offered Miguel Cotto "well in excess of $10 million" to fight Canelo Alvarez (AP)

For a guy who has lost two of his last three fights, Miguel Cotto sure has a lot of options.

Golden Boy Promotions CEO confirmed to Yahoo Sports on Wednesday that he had offered Cotto "well in excess of $10 million" to fight Canelo Alvarez in what would be a highly entertaining bout. The story was first reported by Ring.

Alvarez said last month he would fight on March 8, July 26 and Nov. 22 in 2014. He is looking for big fights, but Schaefer told Yahoo Sports that a rematch with Floyd Mayweather Jr. was not in Alvarez's plans for next year. That left Cotto as the obvious choice for a major bout for Alvarez to kick off the first of those three matches.

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Canelo Alvarez's next fight is March 8 (AP)

But Cotto, who defeated Delvin Rodriguez in impressive fashion last month, also could wind up fighting WBC middleweight champion Sergio Martinez in what would also be a mega-fight. That fight would be promoted jointly by Top Rank and DiBella Entertainment.

Golden Boy, though, made its position known and believes Cotto-Alvarez could be a huge draw. Schaefer told Ring the fight would definitely be in the U.S., perhaps in New York or Las Vegas.

"The ball is in the Cotto court," Schaefer said via e-mail. "Hopefully, it gets done."

A purse of "well in excess of $10 million" would be, at worst, the second-best payday of Cotto's career and could be his highest.

Cotto worked with Golden Boy rival Top Rank for the majority of his career. He left Top Rank when his contract ended after a Dec. 3, 2011, victory over Antonio Margarito and, as a free agent, fought Mayweather and Austin Trout in Golden Boy-promoted bouts.

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WBC middleweight champion Sergio Martinez (AP)

Cotto has kept his options open by refusing to sign a long-term deal with any promoter, though, and remains a free agent.

But before he fought Rodriguez, Cotto said he wanted to remain with Top Rank. Even when he left Top Rank to sign a one-fight deal with Golden Boy, he maintained a good relationship with Top Rank.

He trained for a portion of the Mayweather fight at the Top Rank Gym in Las Vegas. And so, his comments prior to his bout with Rodriguez about remaining with Top Rank were not surprising.

We have a good relationship with Top Rank and Top Rank is who we have in mind that’s who we want to work with.

Top Rank president Todd duBoef, who recruited Cotto for the company out of the 2000 Olympics, refused to discuss anything specific regarding the Puerto Rican star's plans.

He said simply, "Miguel and I have a great personal and business relationship. I'll leave it at that."

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