The former world champion, now Alvarez's promoter, has talked up the possibility of Mayweather coming out of retirement again and taking on the fighter he first beat by majority decision in September 2013, per TMZ Sports: "If Floyd Mayweather decides to come back, a fight with him and Canelo could be a $1.5 billion fight."
The loss to Mayweather remains the only defeat of Canelo's professional career, and the Mexican told TMZ Sports he "would love to have the opportunity to avenge that defeat."
Alvarez, 28, already has his next fight scheduled, as he will defend his WBA and WBC middleweight titles against IBF middleweight champion Daniel Jacobs on May 4 at the T-Mobile Arena in Las Vegas.
He could theoretically take on Mayweather, 42, later in the year.
The undefeated American called time on his career back in September 2015 after his defeat of Andre Berto.
However, he has stepped back in the ring twice since. He beat UFC star Conor McGregor in August 2017 to take his professional record to 50-0 and then demolished Japanese kickboxer Tenshin Nasukawa in an exhibition bout late last year.
De La Hoya had fighting words for Mayweather and told him to "stop fighting fighters that are two weight divisions smaller than him." He was realistic about the prospects of Mayweather-Alvarez II becoming a reality, though, as he acknowledged Money is theoretically retired.
It would likely take an astronomical fee to tempt Mayweather back into the ring, as Canelo would pose a serious threat to his unbeaten record.
Despite one judge ruling their first fight a draw, Mayweather made Alvarez "look ordinary" back in 2013, per BBC Sport's Ben Dirs. But that fight took place when Mayweather was arguably in his prime.
Alvarez has only improved and earned more experience since then, while the Michigan-born champion has called it a day.