0750 GMT April 08, 2020
The fight at the Mandalay Bay hotel in Las Vegas will be Cotto's 11th bout against Mexican opposition, BBC wrote.
Cotto, 35, who has won titles in four divisions, has rebuilt his career after bringing in trainer Freddie Roach.
"Fans will enjoy a real fight, another classic battle in the Puerto Rico versus Mexico rivalry," said Cotto.
Manny Pacquiao trainer Roach joined Cotto in 2013 after the Puerto Rican had lost two consecutive fights.
Cotto has since won his last three fights and boasts 40 victories in 44 bouts while Alvarez has just one loss in 45 contests.
The fight is the latest in the long line of Mexico versus Puerto Rico rivalry that has included Oscar De La Hoya versus Felix Trinidad, Julio Cesar Chavez versus Hector Camacho and Salvador Sanchez versus Wilfredo Gomez.
Cotto retained his title in June with an easy win over Australia's Daniel Geale, while Alvarez last fought in May, when he knocked out American James Kirkland.
The 25-year-old Mexican's only defeat came at the hands of Floyd Mayweather in 2013.