WBO/IBF/IBO heavyweight champion Wladimir Klitschko (50-3, 44 KO) has decided to defend against WBO mandatory Tony Thompson in July in Germany, picking the southpaw American over IBF mandatory Alexander Povetkin for the time being.
The 36-year old Thompson (31-1, 19 KO) won the shot in a dominant eliminator performance against Luan Krasniqi last July in Hamburg, and has been waiting patiently for his shot since then. At the time of his victory, the WBO title was held by Sultan Ibragimov, who chose to defend in November against Evander Holyfield, and then made the unification bout with Klitschko for February of this year. Klitschko won a lopsided snoozer of a unanimous decision.
Thompson probably presents no real challenge for Klitschko, honestly. He's a rough-around-the-edges boxer who came into the game very late and just doesn't have the pedigree. He's also been out of the ring since September, when he crushed Cliff Couser in two rounds.
As for a fight with Povetkin, that would seem likely for late 2008 or early 2009, by all accounts. Klitschko-Peter II is still a long ways off, if we ever do actually see it.