Despite the announcement of an agreement last October between Fedor Emelianenko (Pictures) and M-1 Global, the deal was never signed, a source close to both camps told Sherdog.com.

The Russian heavyweight's only agreement with the company -- according to the source, who spoke on the condition of anonymity -- came in the form of a letter of intent.

The return of a $1.5 million signing bonus paid by M-1 Global to Emelianenko is the only hurdle to the former Pride champion's potential free agency. That should be remedied this week, the source said.

M-1 Global CEO Monte Cox declined to comment.

Once Emelianenko is clear of his M-1 obligations he is expected to field offers from several MMA promotions. The early leader, according to the same source, comes from the purported partnership between Affliction and Oscar de la Hoya's Golden Boy Promotions, which Sherdog.com has learned could debut on June 28.

"Right now we don't have any comments," Golden Boy Promotions Public Relations Director Romiro Gonzalez told Sherdog.com. "[Oscar] is in the sports business. He is loading up on all the fields, especially boxing. We're moving into soccer, MLS. There is nothing official we can say."

Emelianenko would receive approximately $1.5 million to fight and his management could be given the rights to television in both Russia and Japan, according to the source.

The 31-year-old heavyweight champion's younger brother Aleksander is also believed to be joining the Affliction roster, as is American middleweight Matt Lindland (Pictures).

Affliction-branded clothing has created close ties with combat sports through sponsorship of top boxers and mixed martial artists, as well as involvement in Golden Boy's boxing events.