Promoter Eddie Hearn of Matchroom views super middleweight contender John Ryder as the perfect fight to make - as the lead-in to a fall rematch with WBA light heavyweight champion Dmitry Bivol.
Back in May, Canelo was outboxed over twelve rounds by Bivol, who picked up a big unanimous decision win.
He was able to bounce back in September, with a dominant decision win over Gennadiy Golovkin in their trilogy fight.
Canelo is aiming to return to the ring on Cinco De Mayo weekend, in May of 2023.
Ryder recently picked up the WBO's interim-super middleweight title with a stoppage win over Zach Parker.
The victory made him the mandatory challenger under the World Boxing Organization. Canelo is the undisputed champion at 168, with the WBA, IBF, WBC, WBO titles around his waist.
Ryder is riding a four fight streak of wins, which includes an upset decision over Daniel Jacobs.
The only defeat Ryder suffered since 2017 had come against Callum Smith, in a world title fight where many observers had felt Ryder had done enough to pull off a decision win.
With Canelo expressing interest in fighting next in Mexico or London - Hearn is ready to stage the event in either location.
"John is the mandatory challenger, it’s the perfect fight for Saul to what he says 'run-out' before Dmitry Bivol," Hearn told The DAZN Boxing Show.
"John is on great form; we’ve just got to look for where that fight will take place. Our plans for Canelo Alvarez is John Ryder, then Dmitry Bivol if he’s successful and that’s the plan we’re putting together now. I would love to do it in Mexico or London."