It looks likely to happen next month in Germany:
http://www.fightnews.com/Boxing/chagaev-povetkin-for-wba-belt-89283
The Klitchkos will own the undisputed heavyweight titles of the universe until August 27 when Ruslan Chagaev will face Alexander for the WBA’s “regular†heavyweight title at a site to be named in Germany. It appears that Povetkin will not be trained by Teddy Atlas for that fight, as Povetkin wants to train in Europe and Atlas has commitments to work ESPN2 boxing telecasts during that period. Klitschko will be the WBA heavyweight “super†champion.
http://www.fightnews.com/Boxing/chagaev-povetkin-for-wba-belt-89283