According to Miguel Cotto's advisor Gaby Penagaricano, their decision on who they fight next has nothing to do with Mayweather or Pacquaio potentially happening on May 2. That’s no factor at all,” said Penagaricano. “Our decision will have nothing to do with that, but I don’t want to go into potential opponents yet.”
My guess is the reason they don't want to go into potential opponents yet is because they don't have any potential opponents. The only name I've heard being tossed around is Tim Bradley. My guess is they would want Bradley to move up 13 pounds to fight at middleweight.
The simple fact is that everything for Cotto hinges on May 2 and Floyd Mayweather. Cotto pulled out of a huge payday vs. Canelo Alvarez. The reason for the pull out - well, there really wasn't a reason. Which would lead one to conclude that he may have been waiting for Pacquiao-Mayweather to fall through because he would have been Mayweather's second choice. So, if the big fight happens on May 2, that is really going to leave Cotto out in the New York City cold.