Sherdog.com -- the same site that reported the potential showdown between BJ Penn and Diego Sanchez at UFC 74 earlier today -- is now backing off its claim.

The fight will not happen ... not on August 22, anyway.

Here's the update:

"B.J. Penn's camp informed Sherdog.com that the 28-year-old Hawaiian would not face Diego Sanchez in August, though the possibility wasn't ruled out for a later date."

According to the latest report, the Sanchez bout had not been offered to Penn for UFC 74. Furthermore, there is still the possibility that Penn remains at lightweight for his next bout.

That seems like the smart move, especially if "The Prodigy" does indeed score the winner of the 155-pound title bout between Sean Sherk and Hermes Franca this weekend at UFC 73.

Penn plans to announce his plans for the near future on his Web site -- BJPenn.com -- when a decision is made.

Of course we'll keep you posted. But for now the tantalizing Penn-Sanchez showdown appears is something for which we will have to wait.

Don't forget that Sanchez was rumored to be fighting Hayato Sakurai before this premature report emerged this morning. There's no telling if that fight is still on, or, just more speculation.

For the sake of everyone here, let's hope the next announcement is legit. Stay tuned.