Miguel Cotto will likely face World Boxing Council middleweight champion Sergio Martinez in his next fight after the Puerto Rican turned down an offer to face Saul "Canelo" Alvarez.

Top Rank Promotions chief Bob Arum told the Los Angeles Times that he is expecting Cotto and Martinez to square off on June 7 -- the same day the Puerto Rican Day Parade will take place in New York City.

"I'm optimistic that fight is going to happen. It isn't done yet, but there's some magic in Miguel fighting in the New York area that weekend," Arum said.

The famed promoter said that the proposed Cotto-Martinez showdown will be one of HBO and Top Rank's highlight bouts in the first half of 2014 along with the next fight of Manny Pacquiao scheduled in April.

As for the venue for the bout, Arum said that they are still weighing their options. The fight, which will see Cotto try to win a fourth different weight-class world title, could be staged at the MetLife Stadium -- the home stadium of the New York Jets and Giants -- or at the Madison Square Garden, where most of Cotto's previous bouts were held.

"We're pricing the pros and cons of having another 10,000 to 20,000 people watching the fight outdoors against the expenses of making sure we're covered from possible rain," Arum said.

Meanwhile, Canelo Alvarez expressed disappointment over his failed bid to land a fight with Cotto on March 8 in Las Vegas, but the former junior middleweight champion is optimistic that he will still face the Puerto Rican boxing icon in one of his three fights next year.

"I have not ruled [Cotto] out [for the future]. It is a fight that is going to happen, sooner or later. People want to see it, we want it because the people have been asking for it and it will be a great fight. The problem is that I will not wait until June [to fight him]. I have my plan, to fight three times in 2014," Alvarez said in a statement via Boxingscene.

Golden Boy Promotions offered $10 million to Cotto for the Canelo bout, but Cotto declined to take the offer, saying that he will not be ready in time for the proposed March 8 bout.