The event will reportedly be co-promoted by Canelo Promotions, MVP and PBC.
Canelo last stepped into the ring in September, defeating Edgar Berlanga by unanimous judges' decision and retaining his WBA, WBC, WBO and The Ring titles. The day before it became known that in September the star Mexican will meet Terence Crawford in a megafight in Las Vegas.
As for Paul, he last fought in November, defeating 58-year-old former heavyweight champion Mike Tyson on points by unanimous decision of the judges.