Bellator vs. Eddie Alvarez lawsuit update: 'The parties are in settlement discussions'

Could the end be near?

Bellator attorney Patrick English petitioned the court for an extension to answer counterclaims stemming from the Eddie Alvarez lawsuit that was filed last month in New Jersey, when the two parties failed to come to terms on a mixed martial arts (MMA) contract.

Spike TV and Viacom say they matched an incoming offer from ZUFFA, parent company of Ultimate Fighting Championship (UFC). Alvarez says they didn't -- and that they lied about doing so in open court. But have cooler heads prevailed?

MMA Payout has more:

The parties have agreed to the extension until March 1, 2013 and the Court approval should be a mere formality. Mr. English attached a Consent Order requesting an extension of time for Bellator to receive an extension of time to file an Answer to the Counterclaim until March 1, 2013. Previously, Bellator had an extension to respond until Tuesday, February 19th. This second extension appears that the parties are willing to negotiate a settlement without further litigation.

Alvarez was long-thought to be UFC-bound following his duties for Bellator, being ranked as high as number three in the world at 155 pounds all the way up until losing his title to Michael Chandler in November of 2011 in one of the greatest fights in MMA history.

"The Silent Assassin" has done nothing but increase his stock since, avenging a prior loss to Shinya Aoki last year in Cleveland before finishing the heavy-handed Freire in a barnburner of a single-round fight. But does a settlement mean he stays or goes?

Stay tuned.