The IBF has rescheduled a purse bid hearing planned for Tuesday between welterweight titleholder Kell Brook and mandatory challenger Errol Spence Jr. with the understanding that both sides are making progress and close to a deal, IBF Championship chairman Lindsey E. Tucker told RingTV.com on Monday night.

The new purse bid will take place on Feb. 14 at the IBF’s Springfield, New Jersey center of operations, Tucker said. But judging from comments made by Tom Brown of TGB Promotions, who is negotiating on behalf of Spence with Brook promoter Eddie Hearn, a purse bid might not be necessary. “We’re making progress, that’s a good way to describe how the talks are going,” Brown said in a brief phone interview of a fight that is being targeted for May. “We just need a little more time to hash out everything.” Tucker said it’s his understanding the sides are “close” to an agreement.

As a result, both sides asked the IBF permission to extend the deadline for a purse bid and the IBF granted the request. As the champion, Brook is entitled to a 75-25 split of the winning bid. Brook was toying with the idea of jumping to junior middleweight after he fought Gennady Golovkin at 160 pounds. But Brook (36-1, 25 knockouts) has always been reluctant to vacate his title and Spence (21-0, 18 KOs) has patiently waited for Brook to make his decision and come to the table to negotiate, which is now happening, with the IBF’s blessing. Hearn would prefer to stage the bout in England, where Brook is from and is a draw, while Brown would rather have it in the U.S. to capitalize on Spence’s growing popularity as one of the most talented fighters yet to win a belt.