LAS VEGAS – Canelo Alvarez will not fight Miguel Cotto on May 2, said Oscar De La Hoya, Alvarez’s promoter.

De La Hoya said that Cotto had not accepted a “great” offer extended by Alvarez by last night, which Alvarez had set as a hard deadline. Thus, De La Hoya said, Alvarez will move on. Cotto’s advisor, Gabby Penagaricano, confirmed the news, according to BoxingScene.com.

Alvarez still plans to fight May 2, De La Hoya said. The unknowns now are who he will fight, whether it will be on regular HBO or pay-per-view and where the fight will take place.

Also, De La Hoya reiterated that Alvarez would move off of May 2 if the Floyd Mayweather Jr.-Manny Pacquiao fight takes place on that date.

“We started negotiations many months ago,” said De La Hoya, speaking at the MGM Grand hours before the Bermane Stiverne-Deontay Wilder card was set to begin. “Canelo decided he’s going to move on because Cotto and Gabby turned down the deal that we presented them. We had no choice but to move on.

“Now we’ll have to sit down with our partners and strategize whether we want to go pay-per-view or free HBO and where it will take place, Texas or Vegas. There are a lot of details to iron out.”

De La Hoya wouldn’t say what opponents are being considered, indicating only that there is “a long list.” He pointed from across the room at one potential foe, newly signed middleweight David Lemieux, who was introduced to the media at the MGM. James Kirkland’s name also has surfaced as a possibility.

And, of course, the magnitude of opponent would determine whether the fight will televised on regular HBO or on pay-per-view.

De La Hoya said he couldn’t describe in detail the offer made to Cotto, saying only that it was “a great deal. He would’ve made a lot of money against Canelo.”

“I love the 1.5 (million) number,” said De La Hoya, referring to pay-per-view buy rate he would’ve expected. “That was very doable. Canelo wanted to do it, we wanted to do it. It would’ve given boxing an injection of energy. It would’ve re-ignited the rivalry between Mexico and Puerto Rico but it was a great fight no matter where you’re from.”

De La Hoya said Alvarez would move off the May 2 “out of respect for fans” if Mayweather and Pacquiao reach a deal to fight on that date. Pacquiao has accepted terms and is now waiting on word from Mayweather and the premium networks, which would have to work together on the fight. Mayweather is with Showtime, Pacquiao with HBO.

De La Hoya doesn’t believe Mayweather-Pacquiao will be made.

“I’m not speaking to you as a promoter. I’m speaking to you as a fan,” he said. “I want to see that fight; I would love for that fight to happen. I just have a feeling it’s not going to happen. Bob (Arum) and Pacquiao have already conceded to everything. They have their deal in place. Now they’re waiting on Mayweather. And I just don’t think Mayweather wants to fight Pacquiao. I don’t think it’s going to happen.”

If it does happen, he said, the participants will have to move quickly.

“I don’t know anything about the details and negotiations but it’s obviously complicated,” he said. “ÔǪ They have to be talking about a possible rematch, who gets what. If this guy wins, how does that change the numbers? It’s very complicated.

“If I were the promoter of this event, Pacquiao-Mayweather, I would allow at least four months to properly promote it and make it the biggest event in sports history.”

Mayweather’s back-up opponents if he doesn’t face Pacquiao appear to be Amir Khan and Cotto, who now must also find an opponent for his next fight. Cotto gave Mayweather some trouble when they fought in 2012 and looked sharp in his knockout victory over Sergio Martinez in June.

And, yes, a second Alvarez-Mayweather fight also is within the realm of possibility.