Negotiations to make Canelo Alvarez’s Cinco de Mayo weekend fight an all-Mexican showdown against unbeaten countryman Jaime Munguia intensified Friday, a key figure in the talks told BoxingScene.

Alvarez, boxing’s most popular fighter and its unquestioned top pay-per-view draw, has turned away from a highly appetizing match against unbeaten former super-middleweight champion David Benavidez and has labeled a bout against lighter fellow top-five pound-for-pound member Terence Crawford a “no-win” pursuit.

Disinterested in paying Alvarez another $35 million to fight someone like flailing middleweight champion Jermall Charlo, Premier Boxing Champions and Alvarez split with two fights remaining on their three-bout agreement and Alvarez went in search of a foe linked to his former streaming partner, DAZN.

While the idea of a May 4 date with Brooklyn power puncher Edgar Berlanga was floated, public and internal criticism increased centering on a third consecutive potential yawner following Alvarez’s 2023 triumphs over John Ryder and Jermell Charlo, and Munguia’s stock shot upward.

At 27, the Tijuana-based Munguia (43-0, 34 KOs) is a former 154-pound world champion who participated in six title fights between 2018 and 2019 before moving up in weight and ultimately defeating former middleweight title challenger Sergiy Derevyanchenko by unanimous decision in June 2023.

More impressively, Munguia’s union with famed trainer Freddie Roach preceded a stirring Jan. 27 ninth-round technical knockout of Ryder – who went the distance with Alvarez.

Always festive, Cinco de Mayo weekend cards in Las Vegas have been void of the Mexican vs. Mexican promotion since 2017, when Alvarez dominated Julio Cesar Chavez Jr. at T-Mobile Arena in Las Vegas.

The timing of the talks with Munguia is pivotal, given that broadcasters typically prefer an eight-week window to fully promote their pay-per-view events.