Canelo Alvarez isn’t shining like he used to. With Terence Crawford routing him, he seems to have lost his edge. So does that mean he’s no longer the draw he once was? That could be an overstatement. Canelo remains one of boxing’s most bankable stars, and diehard fans still look forward to his fights. The former champion isn’t looking to disappoint them either.

In an interview, Canelo Alvarez revealed he anticipates a return by September this year. The comeback, however, comes with a condition: he will face only a champion. His comments follow weeks of speculation after it emerged he underwent surgery to treat an injured elbow following the Crawford fight. The break from training fueled questions about his future, though interest picked up again when he appeared at the New York Ring Awards in late January.

“Saúl ‘Canelo’ Álvarez is getting closer to returning to the ring 👊,” Box Azteca’s Instagram post read. The Mexican boxer shared that he has started training for his next fight, which will take place on Saturday, September 12, in Saudi Arabia. He confirmed that promoter Richard Schaefer has been in talks with Turki Al-Sheikh to find his next opponent 🗣️ as long as he’s a champion.”

That update followed his interaction with reporters at Chapultepec Golf Club, where the former world champion also made an appearance during LIV Golf Mexico City. The tournament, scheduled from April 16 to April 19, was part of his brief public return while continuing his recovery.

He told reporters he feels good physically and mentally and has already started training, including sparring, for his return, while also being careful to fully recover from his injuries before stepping back into the ring.

His team, meanwhile, is discussing potential opponents, and nothing is finalized yet.

“We’re analyzing. Richard (Schaefer) was with Turki (Alalshik) last week in London,” he said. “We’ll see. There’s a bunch of rivals there. We’ll see who’s the best. I always choose the best and, more than anything, the champion. I feel good; I feel very good. I’ve been sparring, and I feel very good. I’m happy, because that’s what you need.”

That naturally shifts the focus to the next question: who’s next?

Canelo’s champion – Only rule leaves few standing

The 168-pound landscape offers some clarity. A few months after defeating Canelo, Bud Crawford announced his retirement, leaving the division in flux. Of the four major titles, three are currently occupied, with the WBO belt still vacant.

Jose Armando Resendiz holds the WBA title, while Christian M’billi owns the WBC belt. Most recently, Osleys Iglesias became IBF champion after defeating Pavel Silyagin for the vacant title. The WBO picture could soon change, as Hamzah Sheeraz (ranked 2nd) faces Alem Begic (#4) in the co-main event of the DAZN card headlined by Oleksandr Usyk and Rico Verhoeven next month.

So who makes the most sense as Canelo’s next opponent?

Iglesias is coming off a title win, while Sheeraz is favored to beat Begic. Still, both may hesitate to take an immediate high-risk fight against Canelo, where their newly won status could be on the line, making them less likely options.

Resendiz, meanwhile, has his own assignment. On the Cinco de Mayo card on May 2, headlined by David Benavidez and Gilberto Ramirez, he will make his first title defense against former titlist Jaime Munguia.

That leaves Christian M’billi as a strong possibility. The WBC champion was already linked to Canelo after the two, along with Turki Alalshikh, were seen together at the Ring Awards, fueling talk of a potential matchup. With Canelo now confirming his return, the timeline tightens. Whether that fight materializes or another option emerges remains to be seen.