There has been talk speculating that Fedor Emelianenko's next opponent is going to be Olympian Satoshi Ishii on New Years. However, a source from Emelianenko's camp has informed us that they are negotiating with the UFC once again.
The terms are much different now due to the fact that he lost three in a row and is no longer as valuable as he once was, and Fedor's management knows this. As of right now, nothing has been signed, but negotiations are going smoothly.
The source states that if Fedor Emelianenko is to sign with the UFC, his first fight will be against former Heavyweight Champion, Cain Velasquez. It is unclear whether or not Fedor Emelianenko will be fighting Satoshi Ishii on New Years.
M-1 does understand that if they do sign with the UFC, there will be no co-promotion. The focus is more now on Fedor Emelianenko's career rather than M-1 itself.
http://www.mmamania.com/2011/11/21/2578756/fedor-in-talks-with-ufc-again-cain-velasquez-could-be-fight-fight