Galante has spoken to WBN to clarify the situation after several reports indicated that the potential clash was almost done, and says that both sides are hopeful of securing a deal for the high-profile bout.
“At this time, myself and Delvin’s Promoter, Joe DeGuardia of STAR boxing have a deal set in principal with Miguel Cotto’s people,” Galante explained to World Boxing News.
“We are currently finalizing the documents and just wrapping up a few details.
“Its not 100% done as of right now but I’d be surprised if its not done by the weekend,” he added.
Cotto, 32, is on the comeback trail following two straight defeats to Floyd Mayweather and Austin Trout and will be seeking his first victory in almost two years when the exciting pair collide in the late fall.
For underdog Rodriguez, the fight represents another opportunity for the 33 year-old to break through into the mainstream after his Fight of the Year battle with the now-retired Pawel Wolak and subsequent world title loss to Trout.