( CNN ) -- The world 's top pound-for-pound fighter , Manny Pacquiao , will attempt to win a world title in a fourth division by taking on three-time world champion Miguel Cotto in his next bout . Manny Pacquiao will take on Miguel Cotto in his next fight scheduled for Novermber 18 . The Filipino boxer will fight the 28-year-old Puerto Rican for the WBO welterweight title at the MGM Grand Garden Arena in Las Vegas , America on November 14 it has been confirmed . Promoter Bob Arum , who represents both fighters , announced that although contracts still need to be signed , verbal agreements have been given : `` I 'm very excited about this because it 's a good fight for boxing [ and ] it was n't difficult to do , because they both wanted the fight , '' Arum told the Los Angeles Times . Pacquiao is a national hero in the Philippines but has seen his popularity grow around the world since his comprehensive victory over British fighter Ricky Hatton in Las Vegas . The man dubbed the `` National Fist '' is currently rated by The Ring , the sport 's most respected trade magazine , as the best boxer in the world . His career earnings stand at an estimated $ 50M and he stands to bank further millions with the Cotto fee , however , Arum has yet to announce how the purse will be split . Pacquiao has been in devastating form in recent times , racking up a string of victories in four different weight divisions . Mexico 's super-featherweight Juan Manuel Marquez was dispatched by the `` Pac Man '' before the 30-year-old secured further wins against America 's David Diaz ( lightweight ) and Oscar de la Hoya ( welterweight ) before a devastating show of force against British light-welterweight Ricky Hatton . Cotto survived a recent split decision result against Ghana 's Joshua Clottey despite suffering a bad cut over one of his eyes during the bout and has only lost once in his career thus far to 31-year-old Mexican Antonio Margarito . Arum said a press tour with the fighters will start Sept. 9 in Los Angeles .
Manny Pacquiao will fight Puerto Rico 's Miguel Cotto in his next fight . The Filipino will be aiming to win the WBO welterweight title . The bout will take place at the MGM Grand in Las Vegas on November 14 . Pacquiao's promoter Bob Arum said he would like a rematch with Mayweather, who is now retired and living in Florida.