Khan's announcement also rules him out of a fight against IBF welterweight champion and domestic rival Kell Brook at Wembley on June 4.

"I know Canelo fights the best and wouldn't pass up the opportunity to face me like others have," said Khan. "My goal is to always fight the biggest names and the best fighters. That is why I'm excited for this fight.

"I know I have the speed and ability to beat him and will give my fans what they deserve."

"As the middleweight champion of the world, I will take on the best fighters in the sport and on Cinco De Mayo weekend, I look forward to making the first defence of my titles," said Alvarez.

"Amir was a decorated amateur, a two-time world champion and is in the prime of his career. Fans are in for a great fight."

Khan has won 31 and lost three of his 34 professional fights.