In a sudden announcement that caught many in the industry by surprise, Saul 'Canelo' Alvarez has agreed to terms for a May 7 showdown with Amir Khan. The bout will take place at the newly constructed T-Mobile Arena in Las Vegas, Nevada. Golden Boy Promotions CEO and founder Oscar de la Hoya confirmed the news on Tuesday morning. The fight - which will air live on HBO Pay-Per-View - takes place at a catchweight of 155 lbs., the same stipulation that was in place for when Alvarez won the World middleweight championship in a 12-round win over Miguel Cotto last November. The winner will be obligated to defend against mandatory challenger and unbeaten, unified titlist Gennady Golovkin. The showdown with Khan will mark Alvarez' first title defense. "As the middleweight champion of the world, I will take on the best fighters in the sport and on Cinco De Mayo weekend, I look forward to making the first defense of my titles," said Alvarez. "Amir was a decorated amateur, a two-time world champion and is in the prime of his career. Fans are in for a great fight on May 7th."