Canelo and GGG fought to a draw on Sept. 16.
Canelo Alvarez has agreed to a rematch with Gennady Golovkin for May 5 and Golovkin's team is expected to agree to the deal "within the next few days," according to Lance Pugmire of the Los Angeles Times.
Eric Gomez, the president of Golden Boy Promotions, which promotes Alvarez, told Pugmire there will not be a rematch clause in the deal, unlike the initial fight that had one.
Gomez also told Pugmire they will likely decide between holding the rematch in T-Mobile Arena in Las Vegas, where the first fight was held, or Madison Square Garden, but nothing will be determined until both sides officially agree to the fight.
In September, Alvarez and Golovkin fought to a draw. Despite the first match being a tightly contest bout, most of the talk after the fight was focused on judge Adalaide Byrd, who scored the fight 118-110 in favor of Alvarez.
Alvarez, 27, is 49-1-2 on his career with 34 knockouts. Golovkin, 35, is 37-0-1 with 33 knockouts and currently holds the IBF, IBO, WBA and WBC world middle weight titles.