After Cotto successfully defended his WBC World middleweight title against Daniel Geale, Cotto, stated that he would like to fight Saul "Canelo" Alvarez (45-1-1, 32KOs) at a catch-weight of 155lbs. Max Kellerman, asked Cotto if he was a middleweight and he said, "Do I look like a middleweight to you? I'm not a middleweight. " Cotto, won the WBC World middleweight title against Sergio Martinez where he weighed in at 155lbs. In his last three fights at middleweight Cotto has been weighing on average 155lbs and fighting at catch-weighs, which a lot of people have been critical on him. In Alvarez's last three fights he has weighed in on average at 155lbs.
There is another issue of location. Miguel Cotto usually fight in New York City, Puerto Rican fan base is located. Canelo on the west cost where he has his Mexican fan base.
Its no secret that Cotto is very difficult to negotiate with; weight, location, and date are going to be difficult items to iron out before we see the fight.