Canelo Alvarez, the prominent face of boxing, and Premier Boxing Champions have decided to part ways with two fights remaining on their three-fight contract signed in June, sources informed ESPN Insider Mike Coppinger on Monday.

Alvarez, ranked as ESPN’s No. 4 pound-for-pound boxer, successfully defended his undisputed super middleweight championship by defeating Jermell Charlo via unanimous decision in September, marking the inaugural bout of his collaboration with PBC.

Originally, the agreement stipulated that Alvarez would face Charlo’s twin brother, Jermall, on May 4. However, negotiations between Canelo and PBC for the Cinco de Mayo weekend matchup fell through, granting Alvarez the contractual freedom to explore alternative opportunities. The third fight, as per the contract, was intended to feature an opponent agreed upon by both parties, according to sources.

An Alvarez-Jermall Charlo matchup would have struggled to generate the level of business Canelo typically commands. After all, Jermell’s lackluster performance against Alvarez failed to present a convincing challenge, effectively squashing any potential storyline of brotherly revenge.

Jermall didn’t aid his case either. In November, his underwhelming performance against Jose Benavidez Jr., a natural welterweight, did little to impress. This marked Jermall Charlo’s first fight in 29 months, during which he grappled with personal issues.

While any bout featuring Alvarez garners attention, the commercial appeal of a Charlo rematch is limited. Jermell Charlo’s absence at his brother’s comeback bout hints at a strained relationship, further diminishing the allure of a family feud.

Alvarez (60-2-2, 39 KOs) is now seeking a new opponent and promotional collaborator for his upcoming May 4 fight and beyond. Keith Connolly, manager of Edgar Berlanga, disclosed preliminary discussions with Eddie Hearn for a potential Canelo-Berlanga bout in 2024.

Connolly expressed Berlanga’s readiness to face Canelo as soon as May 4 following his recent sixth-round TKO victory over Padraig McCrory in Orlando, Florida.

Alternatively, Alvarez may consider fellow Mexican Jaime Munguia, who secured an impressive victory last month with a ninth-round stoppage of John Ryder. The possibility arises for Alvarez to face Berlanga in May and Munguia in September.

While there’s substantial public clamor for Alvarez, 33, to square off against David Benavidez, aligned with PBC, or even Terence Crawford, Canelo has yet to express interest. Nonetheless, his legacy remains intact.

By Vincent Quezada

Photos courtesy of Steven Marcus /AP