Valuev is the WBA champion, Chagaev isn't anything at the moment apart from 'Champion In Recess'. However, there is an on-going discussion with in the WBA whether to strip either Chagaev or Valuev of there respective 'statuses'.
Chagaev never lost the title, in fact it was on the line in his return fight vs. Drumond. But this fact means little, Don King might have the better cards in his hands therefore I can easily see the Legitimate WBA Champion getting stripped.
call me crazy but knowing the WBA they will probably make the Klitschko-Chagaev winner the WBA "Super" Champion since it would be unified with other belts if for no other reason than to collect more sanctioning fee money and will keep Valuev as the "regular" WBA Champion.
The situation is. Chagaev was 'Champion In Recess', but was obligated to face Valuev, who was the regular WBA champion. Chagaev has hepatitis B and has had it since 2007. But he's been cleared to fight in Germany everytime. Don King, being the scumbag that he is, decided he'd pay over the odds to win purse bids, and schedule the fight in Finland where Chagaev was never going to pass his medical. Alas he fails it, the fight is called off, Valuev retains his belt without having to step in the ring, and it looks like Chagaev's fought to the world's press.
No, Chagaev has hepatitis since ages, it's been rumored since the early 2000s. That Don King Finland part could be true though, Valuev knows he is declining fast, and losing to Chagaev a second time would probably the end of him making big paydays.
I think this will happen. I also think Wlad will vacate it when Ruiz is named his mandatory as Povetkin, Dimintrenko/Chambers winner and Haye are all more attractive fights. Ring rules allow the belt to be awarded if #1 fights #3, as in this case (the Ring website has stated they'll recognize it). Whether or not this fight re-establishes HW lineage is another question - that's reserved, in my understanding, for #1/#2 fights so technically it doesn't. But I'm sure there'll be arguments about that.
ok guys, be ready for some funny (inside the WBA) ****: In reality, Ruslan Chagaev is still "The" WBA HW champion. He was "champion in recess" from the middle of 2008 till he fought Carl Davis Drummond earlier this year. After beating Drummond, he was again named "The" WBA HW champion. Though, Don King and Wilfried Sauerland wasn't happy about this and don't like their fighter Nicolay Valuev named "WBA "interim" champion, they petitioned to the WBA (without the knowledge of others, but themselves and the heads at the WBA) to scratch the "interim" tag, to market Valuev better. I guess, the WBA got another paycheck for this favour and because no one cared about this whole title mess with the WBA, no one really cared...still funny, well? :deal
so it's possible there will be 2 WBA belts out there, wouldn't surprise me they can have more championship fights and get more sanctioning fees. And Valuev can continue to duck the other WBA champ.