The hottest free agent in Mixed Martial Arts right now is easily lightweight Eddie Alvarez, a former Bellator champion with a string of notable in-ring successes to his credit. While it’s assumed Alvarez will sign with the UFC, he has not been linked to any offers from the organization, leaving the small chance he may opt to sign a new deal with Bellator and serve as the promotion’s poster-boy.

However, one thing that does not appear to be on the table as a bargaining chip is the possibility of an immediate shot at champion Michael Chandler who beat Alvarez a little more than a year ago. The bout was closely contested with each man being put on the ropes before Chandler sealed the deal with a fourth-frame submission. Though Bellator recently created a new policy allowing for potential rematches without the need for the previously required tournament run, according to CEO Bjorn Rebney, it won’t be implemented until 2013 when Bellator heads over to Spike TV.

“I talk to Ed on a regular basis, but there’s no negotiation going on, there’s no discussion, so a consideration of retroactive applicability to this hasn’t been one we’ve really given any consideration to,” said Rebney in an interview with MMAWeekly Radio.

“At this point, I’m looking at Rick Hawn/Chandler and thinking that might be an incredible fight coming up for us at lightweight and that could be one very well that would produce the fireworks that warrants a rematch,” he continued on the topic of title-shots. “Or Patricio Pitbull and Pat Curran, which is two of the top 145 pounders on Earth going at it – that could be a rematch type of fight.”

Presently, Alvarez is free to negotiate with any organization he wants though Bellator still has exclusive matching rights.