He may not like the terms for the fight. He seems much more business savvy, or at least has the appearance of being more business savvy now, so just because Manny selected him doesn't necessarily mean it's going to happen.
On a couple other sites there's a few articles where Manny's wife reveals that he's selected Cotto for his next opponent.
Why would cotto take the fight? . . . there is very little down side. It is another Huge,HUGE, payday. He gets a shot at revenge and no one expects him to win. Very little risk, High reward that is smart business!
If he gets the win over pac then he has avenged both hes defeats. Im sure he wants that win but hes not about to drain himself to 147 i hope.... He deserves a big pay day but more then anything he deserves a chance at redemption.. And ar 147 he is basically taking millions justto be a punching bag...