Manny Pacquiao

MANILA, Philippines (UPDATE) -- Hopes for a superfight between 7-division champion Manny Pacquiao and Floyd Mayweather Jr. in 2010 ended after Top Rank promoter Bob Arum confirmed the Filipino boxing champ will face Antonio Margarito on November 13.

Arum said in a report by Yahoo! Sports that he picked Margarito over Puerto Rico's Miguel Cotto, whom Pacquiao pummeled in the 12th round last November, because it would be a more challenging fight for the Filipino champ.

“Cotto was beaten and even with [Hall of Fame trainer] Emanuel Steward now with him, I don’t think people believe that it’s enough to make a difference and I’m not sure they would buy it as competitive,” Arum told Yahoo! Sports’ Kevin Iole.

For the '8th'
Arum said Pacquiao will face Margarito for the vacant World Boxing Council (WBC) junior middleweight championship in Las Vegas if the Mexican is able to get a license to fight in Nevada.

Should Pacquiao beat Margarito, he will become the 1st boxer to win 8 world titles in 8 divisions.

Margarito, a former world welterweight champion, was suspended last year by the California State Athletic Commission after he was caught with a plaster-like substance in his hand wraps prior to his bout against Shane Mosley on January 2009.

“Putting aside the controversy about the wraps, the one thing you know for sure with a Margarito fight is that it will be a hell of a fight for however long it lasts,” said Arum.

“Margarito knows only one way to fight and that’s coming forward. They’re going to get in there and fight. That’s what people want to see,” he added.

If Margarito fails to get a license in Nevada, the fight will be held in Monterrey, Mexico.

The bout will be offered on HBO pay-per-view (PPV).

Willing to face Margarito
Pacquiao earlier said he is very much willing to face Margarito, despite the Mexican champ’s height advantage.

Margarito, who stands 5-foot-11, enjoys a 6-inch reach advantage over the 5-foot-6 Filipino boxer.

“Maganda ‘yun (That's good),” Pacquiao told ABS-CBN correspondent Dyan Castillejo when asked about his possible clash with Margarito.

He added that he has no qualms about climbing weight to face the Mexican.

Antonio Margarito being interviewed by ABS-CBN's Dyan Castillejo during the Pacquiao-Clottey fight last March.

“[Lalabanan ko siya sa] 150-147 pounds. Mga ganoon (I'll probably fight him at 150-147 pounds. Around that weight),” he said.

The Fighter of the Decade added that he is also open to the possibility that he might slug it out with Margarito in Mexico, should the Mexican fail to secure a boxing license in Nevada.

“Walang problema. Excited din ako lumaban sa Mexico, first time ako lalaban doon (No problem. I'm excited to fight in Mexico, it will be the first time I'd fight there),” said Pacquiao.

Finalizing the deal
In a separate report by SI.com (Sports Illustrated), Arum said he plans on finalizing the deal with Pacquiao next week.

Arum said Pacquiao's Canadian adviser Michael Koncz will lay out the terms of deal to the Filipino.

"Making a deal won't be a problem," said Arum. "We'll get it done."