Looks like we can expect a Matt Hughes - Matt Serra match up some time this year according to a blog post written by Hughes himself:

GSP had a good game plan to take Matt Serra down and wear him out. I found myself rooting for Serra at the end of the second round, I wanted him to make it to the third round. I thought if it would get to the third round GSP would decide to stand up with him and possibly knock him out. I just wanted Matt to get beat on for five rounds, not just two; but I knew the ref was about ready to stop it. The UFC said that if Serra loses I get him, but I don’t know when that will be. I’m going to guess six to eight months, so I’ve found myself watching my diet and exercising more.