By Dan Ambrose: After three long years Miguel Cotto and Antonio Margarito will finally get a chance to fight each other again in a fight that will be taking place on December 3rd . The fight was finalized today, but there is still no scheduled venue for the mini mega fight, but it’s expected to take place in either New York, which would take advantage of the large Puerto Rican population in the New York area, or Las Vegas, Nevada.

Cotto is said to be making between $5 million to $7 million, while Margarito is expecting to get $2 million. They can make more with the pay per view sales for the fight. Neither fighter is what they used to be, and it’s not nearly as an interesting fight as it would have been had they fought their rematch shortly after their first fight. Margarito hasn’t won a fight since beating a fringe contender last year.

Margarito was recently beaten by Manny Pacquiao in a 12 round lopsided decision loss last year. Cotto was also beaten up by Pacquiao in a 12th round knockout defeat in 2009. Cotto has looked like a shell of himself since that fight, beating WBA junior middleweight champion Yuri Foreman and recently stopping 38-year-old Ricardo Mayorga in a fight where Cotto spent a good deal of time trying to avoid getting hit by the older Mayorga.

It might have been a better idea for Bob Arum, their mutual promoter, to wait until Margarito had at least a few fighters to make boxing fans forget about how awful he looked against Pacquiao and in his loss to Shane Mosley in 2009. But the way that both of these fighters are looking you can’t really gamble that they’ll be able to come out on top unless they’re matched carefully. Cotto is very, very vulnerable to getting knocked out, and probably not long for the junior middleweight division. And with the punishment that Margarito has absorbed recently, he might not have more than a small handful of fights left in him.

It’s a bit late for this fight, and it’s kind of iffy whether boxing fans will want to purchase this fight on PPV. I personally wouldn’t want to pay anything at all to see this fight, because it’s like an old timers fight to me. I’d rather see Cotto face someone that wasn’t just pulverized like Margarito was.