In an interview with Sports.ru, Nikolai Valuev's manager Boris Dimitrov said that talks are moving forward to match the former WBA titlist Valuev with current WBC heavyweight titleholder Vitali Klitschko. The talks first started in late December, a couple of weeks after Klitschko had easily defeated Kevin Johnson in Switzerland.
Early talk is the fight would have a 70-30 split for Klitschko. Dimitrov wouldn't confirm or deny that, but does indicate that the figure would be acceptable. Currently, Sauerland Event and Don King are negotiating with the Klitschko people on behalf of Valuev.
This really does have the potential to be the ugliest heavyweight title fight of all time. Neither Klitschko or Valuev are particularly aggressive, and both are ridiculously slow, lumbering guys at this point. Klitschko is a far better overall fighter and I'm guessing just about everyone will pick him to rout Valuev, but Big Nik shouldn't be totally counted out, I don't think. While he was too slow to catch David Haye, Klitschko is not Haye in terms of mobility. Hell, Vitali isn't John Ruiz in terms of mobility either.
From the sound of this interview, it's probably going to happen. And I'll guarantee that it will be awful.