The bout, if it is to take place, wiould depend on the future decisions of Ukrainian Vasyl Lomachenko (10-1, 8) who is the current WBO Super Featherweight champion. This weekend Lomachenko moves up to Lightweight to challenge WBA champion Jorge Linares (44-3, 27) and if Lomachenko wins he is expected to abandon the Super Featherweight division and vacate the WBO title, allowing Diaz and Ito to battle for the belt.
The details that have been pencilled in are, according to thegondol, for the bout to take place in Florida on either July 14th or July 28th, with the bout to take place on ESPN in the US. Although Florida will be the State for the fight there are options open in the state, with in Miami, Tampa or Orlando looking the most likely for the contest. The bout would see All Star Boxing work alongside Top Rank for the bout.
Interestingly The Gondol reports that Ito is promoted by Teiken, which isn't totally accurate. Ito would likely be advised by Teiken for such a big fight on the world stage but he's a member of the pretty obscure Banryu Boxing Gym. Again Teiken would likely offer their services for the bout, but it is worth noting that Ito himself isn't out and out a Teiken fighter, though in Japan often do work with Teiken when it comes to fighting Stateside due to their long relationships with Top Rank and Golden Boy.
For Diaz the bout bout would be his second of the year, following a win in March over Braulio Rodriguez. That win was Diaz's 4th straight stoppage win, and followed other wins over Bryan Cruz, Jose Estrella and Efrain Esquivas. The unbeaten Puerto Rican has looked great in recent times and at just 23 years old he has a lot of potential to shine on the world scene, and potentially develop into a devastating fighter in the years to come. Ito on the other hand is a 27 year old who has gone 7-0 (5) since suffering a razor thin loss to Rikki Naito in a Japanse title fight in early 2015. Through his career he has beaten Lorenzo Villanueva, Takuya Watanabe, Shingo Eto, Masao Nakamura, Masaru Sueyoshi, Kosuke Saka, Taiki Minamoto and Tsuyoshi Tameda. Although most of Ito's career has been on the Japanese domestic scene he did unify the OPBF and WBO Asia Pacific titles and is regarded by many in Asia as the best Japanese fighter at 130lbs since the retirement of Takashi Miura last year.
It seems like if this bout is going to be announced shortly, it won't happen for a few weeks yet, giving Lomachenko time to announce his future before any of the promoters go further with their plans, but it does very much like the pieces are in place for this to be signed and sealed as soon as Lomachenko vacates the WBO title.
For those interested the original story is available here on the Gondol's website in Spanish.