By Lem Satterfield

Top Rank Promotions CEO Bob Arum has just returned from Puerto Rico, where the 79-year-old promoter has finalized a deal that will rematch WBA junior middleweight titlist Miguel Cotto and ex-titlist Antonio Margarito in a Dec. 3 bout that will take place either in New York or Las Vegas.

The 30-year-old Cotto (36-2, 29 KOs) will get a shot at avenging a loss to the 33-year-old Margarito (38-7, 27 KOs), who dethroned Cotto as WBA welterweight champion with an 11th-round knockout in July of 2008.

Arum wants to place the fight in New York City's Madison Square Garden, a venue where Cotto is very popular and sells thousands of tickets. He believes the bout will do well on pay-per-view.

"The only thing that we have to finalize now is the site, and whether it's going to be in Las Vegas or it's going to be New York," said Arum. "That's something the we will do in the next week sometime. We also have to decide whether or not we're going to have HBO or Showtime help us to distribute it."