"Since the cancellation (of Affliction: Trilogy), there has been a great deal of speculation regarding Fedor and M-1," Emelianenko's manager, Vadim Finkelchtein, stated in a release from his company. "On Wednesday, the media and fans will be able to hear what's going on with Fedor from the man himself."

Currently, “The Last Emperor” is a free agent, free of any contractual commitments. UFC co-owner Dana White has stated that he would like to ink a deal with the heavyweight and set up a fight between Fedor and UFC reigning heavyweight champion, Brock Lesnar.

"Of course, it still doesn't imply we are ready to accept any conditions [the UFC] will throw at us," Finkelchtein said. "We want to talk to the UFC about having Fedor compete against some of their fighters, but only within the framework of co-promotional efforts with M-1 Global."

Stay tuned to fightline.com for more on this story following the press conference on Wednesday.