Alvarez has maintained his innocence throughout and has even reportedly signed up for complete Voluntary Anti-Doping Agency (VADA) testing to prove it.
A location for the fight has not been announced, but it would be safe to assume it will be in Las Vegas, as the original fight set for May 5 had been scheduled in Sin City.
Golovkin (38-0-1, 34 KOs) and Alvarez fought to a controversial draw in their first meeting in September in a fight that generated 1.3 million pay-per-view buys and a $27 million gate - the third largest in boxing history.
The news will come as a blow to WBO champion Saunders, who had a deal in place to take on Golovkin at the end of August.
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Tom Loeffler, Golovkin's promoter, gave credit to Eric Gomez, president of Golden Boy Promotions, which manages Alvarez, for coming up with a compromise.
A rematch was planned for May only for Canelo to withdraw after failing two drugs tests for banned substance clenbuterol in February.
Good times for boxing fans, the sport and everyone else who has a passing interest in seeing two of the best fighters in the world throw down.
Wednesday's announcement comes a week after De La Hoya said that the talks for a rematch had ended and that Alvarez would likely fight Daniel Jacobs instead. "Canelo is very edgy, so I think that's going to get things heated up".