"Pound-for-pound kings Manny Pacquiao and Floyd Mayweather Jr. are both considering Puerto Rican boxing star Miguel Cotto as a possible opponent", Cotto's manager Gabriel Peñagarícano said.
In an interview with RingTV.com, Peñagarícano confirmed that he has had discussions with both camps, though nothing has been finalized.
"(The Mayweather camp) have not made an offer for the fight," Peñagarícano said. "With Floyd, I'm sure that with his handlers.. they also need to consider that if the Pacquiao fight is not happening, who they're going to fight."
"I'm sure on that list, there is Miguel Cotto. We have generally discussed that as a potential reality, but only in generalities. Nothing concrete yet," he added.
As for discussions with Pacquiao's camp, Peñagarícano said he has also talked with Top Rank chief executive officer Bob Arum about the possibility of a Pacquiao-Cotto rematch.
"We have certainly discussed that as a reality. But we haven't even begun to discuss any type of terms for the fight," he said.
Peñagarícano emphasized that Cotto was being considered as an option for both fighters should the mega-fight between Pacquiao and Mayweather fall through once more.
"My opinion is that yes, from their perspective, I think that they both have Miguel Cotto as an option for sure. So we have discussed with both parties the possibility of a fight, but only in generalities as of today," he said.
Negotiations for a Pacquiao-Mayweather mega-fight seemed to fall apart last weekend after the undefeated American refused to agree to a 50-50 split.
It was then rumored that Cotto agreed to the terms of a rematch with Pacquiao, something that the boxer denied.
Cotto was among the boxers short-listed as potential Pacquiao opponents, along with Juan Manuel Marquez, Lamont Peterson and Timothy Bradley Jr.
Peñagarícano said they will wait and see how the Pacquiao-Mayweather negotiations will play out before entering negotiations with both camps.
"We will see how the events turn going into this week. But as of today, there has been no agreement as to any part of a financial deal regarding a fight with Pacquiao," he said.
Pacquiao defeated Cotto via a 12th round technical knockout when they first fought in November 2009, in a fight that was held at a 145-pound catchweight. Cotto subsequently moved up to the junior middleweight division, and he is now the reigning WBA light middleweight champion.