"Just a couple of issues, the most important ones," said Cotto, during a video interview with ESPN.com's Bernardo Osuna. "We had a good meeting last weekend in New York. We're just hoping that we can sit again and finish all of these things for the fight."
Having fought at junior middleweight since 2010, Cotto (38-4, 31 knockouts) looked sharp and powerful stopping fringe contender Delvin Rodriguez in the third round in October, and was offered a deal worth in excess of $10 million by Golden Boy CEO Richard Schaefer to face junior middleweight standout Canelo Alvarez.
"The idea of being the first Puerto Rican champion in four different divisions made me put Canelo on standby and then go for Martinez," said Cotto, explaining why he elected to pursue Martinez (51-2-2, 28 KOs).
"If we clear all of the issues with the Martinez group then the fight is going to be on June 7, and then we have six more months to figure out something with the people of Canelo Alvarez."
A free agent, Cotto has fought and lost to both Mayweather and Austin Trout by unanimous decision in May of 2012 and in December of last year, respectively, while working with Golden Boy Promotions. But Cotto aligned with Golden Boy rival Top Rank for his fight with Rodriguez.
Widely reported to have received an unconfirmed $15 million offer to face Martinez, Cotto said that he has been a free agent since Dec. 31 of 2009, which allows him "to go to look for what is the most convenient business for me, and I can go into the Top Rank or the Golden Boy offices."
Over the course of his last three fights, Martinez had to rise from the canvas during an 11th-round stoppage of Matthew Macklin as well as during each of his past two unanimous decision victories over Julio Cesar Chavez Jr. and Martin Murray.
After the Chavez fight, during which he regained the WBC's belt, Martinez received eight stitches to repair a cut over his left eye, two staples in his head, and suffered from both a broken left hand and torn ligaments in his right knee, the latter of which required surgery to repair.
Martinez required a second surgery after having damaged the knee injury, later determined to be a torn right meniscus, after his triumph over Murray.
PURSE BID LOOMS FOR DEMETRIUS ANDRADE-BRIAN ROSE
WBO President Paco Valcarcel said that a purse bid will be held on Jan. 23 for a title bout involving southpaw 154-pound beltholder Demetrius Andrade (20-0, 13 KOs) and mandatory challenger Brian Rose (25-1-1, 7 KOs) if their respective promoters can not reach a deal by then.
Andrade is co-promoted by Artie Pelullo of Banner Promotions and Joe DeGuardia of Star Boxing, and Rose, by Matchroom Sport. The minimum allowable bid is $200,000, said Valcarcel, who extended the deadline for the purse bid from Jan. 16 to next week at the request of Andrade's camp.
In his last fight in November, Andrade rose from a first-round knockdown for a split-decision victory over Vanes Martirosyan for the vacant belt.
Rose has won 11 straight, just three by stoppage, since falling by sixth-round knockout to Max Maxwell in May of 2010. Rose avenged the loss to Maxwell by unanimous decision in March of 2012.
JESSE MAGDALENO SIGNS WITH FRANK ESPINOZA
Manager Frank Espinoza has signed southpaw junior featherweight Jessie Magdaleno (17-0, 13 KOs), a 22-year-old who will face Roberto Castaneda (20-5-1, 15 KOs) on a Feb. 15 Top Rank card featuring his 27-year-old older brother, Diego Magdaleno (24-1, 9 KOs) in a junior lightweight bout against an opponent to be determined.