Ricky Hatton has vacated his IBF light welterweight belt in order to fight Mexican Jose Luis Castillo in June.
The IBF wanted the 28-year-old Briton to face a mandatory challenge from Lovemore N'dou but Hatton has opted to meet Castillo in a mouth-watering bout.
Promoter Dennis Hobson said the fight with Castillo was "one of the biggest and most exciting fights in years".
He added: "It is the biggest fight of Ricky's career. We will learn who is the ultimate warrior at light welter."
Manchester's Hatton originally won the IBF title against Kostya Tszyu in 2005 before dropping it to move up to welterweight.
"A fight with N'Dou would have been a hard sell to HBO and the American fight fans"
He reclaimed it by out-pointing Juan Urango in Las Vegas on 20 January.
Hobson said Hatton's camp was open to offers regarding a clash with N'Dou but claims the Australia-based fighter's team were not forthcoming.
"We could have done business and reached an agreement," said Hobson.
"We had all week and I'd already spoken to my broadcast partners about working something out. I had a venue in mind and had spoken to them, too.
"Being totally honest, a fight with N'Dou would have been a hard sell to HBO and the American fight fans but I was prepared to explore the possibility.
"Unfortunately, N'Dou's people weren't exactly ringing my phone off the hook trying to make something happen."