The Los Angeles Times reported minutes ago that a deal between Fedor Emelianenko and the UFC is in the process of being finalized and will be announced Friday during Dana White's media conference call.
I have talked to someone who would have knowledge of the negotiations between Zuffa and Emelianenko, and while he wasn't ready to say that the negotiations have been finalized, he did say that they "are going well." That coincides with the Times report that says negotiations between Emelianenko's management and the Zuffa brass were very cordial.
Dana White will be holding a media conference call on Friday at 2pm ET, allegedly to announce the Emelianenko deal, but there may be other news items on the table as well. White is expected to address the closure of Affliction and the new sponsorship deal the former promotional rivals signed with the UFC—and may announce the return of Tito Ortiz to the promotion as well.