After the World Boxing Organization granted Golden Boy Promotions and Cotto Promotions promotional rights, the match was declared.
The collaborative effort topped Kameda Promotions of Japan, which came up short after making a $101,000 offer, by presenting a proposal of $152,000 to the WBO.
Under WBO regulations, the champion receives 75% of the winning offer, while Collazo, the southpaw challenger, receives 25%, or $38,000.
The anticipated 12-round minimumweight title fight has yet to set a location. However, Dallas and Los Angeles in the US have been mentioned.
The capital of Puerto Rico, San Juan, which is close to Collazo's hometown of Villalba, is another strong contender to host the fight.
Masataka Taniguchi was knocked out in the second round by Jerusalem, who had previously won the WBO 105-lb title on January 6 in Osaka.
Jerusalem's trainer, Michael Domingo, disclosed that they hadn't heard anything official about the matchup with the undefeated Collazo.
Domingo and Jerusalem, however, do not take anything for granted.
In actuality, the fighter not only practices frequently.
Jerusalem is the sole undefeated world boxing champion in the nation. He is managed by the Japan-based ZIP Boxing and promoted by General Santos City's SanMan Boxing of JC Mananquil.
Mananquil revealed Kameda Promotions had intended to bring the fight to Japanese soil.
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