If anything can stop Ricky Hatton indulging in too much drink and food over the festive period, it might be the image of Manny Pacquiao that is likely to be peppering his dreams for the next few months. The same view is likely to be in Oscar De La Hoya's nightmares.

The Dream Match between Pacquiao and De La Hoya at the MGM Grand Garden Arena, Las Vegas, in the early hours of yesterday, was widely criticised as a mismatch. It was, but not in the way most expected. Boxing folklore dictates that a good big 'un will always beat a good little 'un. Not, though, if the little 'un is blessed with the speed and variety of Pacquiao, nor if the big 'un boxes with all the life of a waxwork mummy.

Hatton's career had been reborn at the same arena a fortnight ago, when an improved showing against Paulie Malignaggi showed the world that he was still capable of boxing at the highest level. After his eight-round win over De La Hoya, Pacquiao occupies that position. Las Vegas, London or Manchester, wherever that bout takes place, it could be among the biggest of all time.

Perceived logic had it that De La Hoya, who had won world titles as high as middleweight, would be too strong for Pacquiao, of the Philippines, who had begun his career as a light-flyweight. But the American had not made welterweight, the weight that the match was made at, in 7½ years and now, as a part-time promoter, the effort took everything out of him.

As early as round one, an upset seemed on the cards. The brilliant Filipino found De La Hoya at will. De La Hoya could not find Pacquiao at all. His jab fell short and nothing else worked. De La Hoya looked weight-drained and every day of his 35 years. The Golden Boy boxed with feet of clay. By round seven, the bout was bordering on a massacre, as Pacquiao pounded punches at a static opponent. In the eighth, when the American mounted a rare body attack, Pacquiao clapped his gloves over his head in mock applause before smashing them back in De La Hoya's face. On his stool, De La Hoya looked a sad sight, his left eye swelling shut - he was not allowed to take another round of punishment.

Sitting ringside, Hatton, who was set to face the winner, was a well of mixed emotions. He was torn about whom he wanted to face: De La Hoya, his friend, hero and boss; or Pacquiao, whom he could meet in his own light-welterweight division. Now he was torn between feelings of sorrow for his fallen idol or awe at Pacquiao's performance.

“I could have cried,” Hatton said. “So many good fighters end their careers in that manner, but, thankfully, he is OK. He's such a great champion, such a role model for the game and it wasn't nice to see.

“He's obviously messed the weight up and, with his age, your reactions go, your resistance goes, you can't take the body shots. All I said was that I want to fight the best in the world. I feel very blessed that I'm in a position to fight someone like Manny Pacquiao. He was outstanding.”

Pacquiao, 29, who has won four world titles from flyweight to lightweight and is the training partner of Amir Khan, said he would be happy to come to the UK for the bout. “I'd like to fight in front of a big crowd,” he said. “I'm very comfortable at 140lb so I would be OK to fight Ricky.

“Every time you ask me, I would say, 'Yes, let's fight in the UK.'”

Hatton attracted 57,000 fans to the City of Manchester Stadium for his bout against Juan Lazcano in May, so there would need to be an even bigger venue for a bout with Pacquiao, although the contrasting demands of US television, which would want an early-hours start time, and licensing authorities, would make staging the bout outdoors difficult.

“Ricky's No1 on the drawing board,” Bob Arum, Pacquiao's promoter, said. “Until the new year it's celebration time for all the Filipinos. After that, we'll sit down, we'll talk, that's probably the most logical fight.”

De La Hoya stopped short of announcing his retirement. But, a shadow of the boxer who became the first to win world titles in six divisions, the next time he enters a ring, he is likely to be wearing a suit.