Canelo Alvarez and his team are done with their end of the deal to make the highly anticipated middleweight super fight against Miguel Cotto happen.

According to a report by Ring TV Online, the former WBC and WBA light middleweight champion has agreed to the terms of the said bout, which is being targeted for May 2^nd of the coming year, during the Cinco de Mayo Mexican holiday weekend.

Another notable thing about this particular bout is that it would the first event to be co-promoted by Oscar De La Hoya's Golden Boy Promotions and Bob Arum's Top Rank Promotions.

"My side is done and dealt with. We have agreed," De La Hoya said. "So now, I'm waiting on Bob to get their side done."

Golden Boy and Top Rank have been on a feud for many years before openly reconciling in May this year. All of which was believed to be spearheaded by the departure of Golden Boy's former CEO Richard Schaefer. With Schaefer gone, De La Hoya was in fully in charge again. And with that, came his intent to make only the biggest fights happen.

The end of the "cold war" between the two boxing promotion giants does open the door to a wider array of fights. Now that they would be working together, fighters will not be limited to facing opponents within their respective promotions alone. Which is why bouts like Alvarez vs. Cotto can now be made.

"Bob and I talked about the major issues that were a possible concern," De La Hoya explained. "But after our conversation, we found out that this fight will get made relatively sooner than anticipated. So we're getting closer."

"I have no doubt in my mind that we will get Canelo-Cotto done for the May 2 of next year," he adds. 

For Cotto's part, Bob Arum has yet to let him know about the full terms of the deal. And according to the 83-year old veteran promoter, De La Hoya and the rest of the world for that matter, would just have to wait until that happens.

"Miguel has not been informed yet of various details of the negotiations, and everything is progressing favorably," said Arum. "But it has to take a little bit more time. We have to go through the process."

Both men are coming off huge career victories during their last fights. Alvarez emerged victorious against Erislandy Lara in July, making his lone defeat against pound-for-pound king Floyd Mayweather in September 2013.

Cotto, on the other hand, handily defeated Argentina's Sergio Martinez in June via 7^th round stoppage, earning him the WBC 160-pound title.