Matt Hughes vs. BJ Penn III in the work for UFC 123

A welterweight rubber match between former champions Matt Hughes and BJ Penn is reportedly in the works for UFC 123.

This bout would be the third time that Penn and Hughes have squared off in the Octagon, and Penn's first foray into the welterweight division since losing to Georges St. Pierre at UFC 94.

Penn moved up to welterweight to face Hughes for the welterweight title at UFC 46, upsetting the champion and becoming the second man to hold UFC titles in two weight classes. Hughes would even the score at UFC 63, TKO'ing Penn to retain the welterweight belt.

Hughes is riding a three-fight win streak, most recently submitting Ricardo Almeida at UFC 117.

Penn has been left looking for answers after losing back-to-back contests to Frankie Edgar, the last coming at UFC 118.

Hughes last three fights:
Win (Submission - Anaconda Choke) Ricardo Almeida - UFC 117
Win (TKO - Punches) Renzo Gracie - UFC 112
Win (Unanimous Decision) Matt Serra - UFC 98

Penn last three fights:
Loss (Unanimous Decision) Frankie Edgar - UFC 118
Loss (Unanimous Decision) Frankie Edgr - UFC 112
Win (TKO - Cut) Diego Sanchez - UFC 107

Props: CagePotato