Canelo signs contract extension with Golden Boy Promotions

Former WBA and WBC super welterweight champion Saúl "Canelo" Álvarez of Mexico signed a multi-fight, multi-year contract extension with Golden Boy Promotions on Friday with his next bout set for November.

Álvarez, who lost both world titles on a majority decision to undefeated American Floyd Mayweather Jr. in 2013, will challenge Puerto Rico's Miguel Cotto for the WBC middleweight crown at the Mandalay Bay Resort in Las Vegas on Nov. 21.

"I am loyal, it's part of my character and that's why I am extending my contract with Golden Boy Promotions," Guadalajara-born Álvarez (45-1-1, 32 KOs) said in a statement.

"Golden Boy Promotions knows how to build a fighter and elevate him to a world stage as they have done with me and continue to do with many others."

The red-haired Mexican, who is known for his punching power, suffered the only loss of his career against Mayweather in a much-hyped title bout in Las Vegas two years ago.

Since then, Álvarez, 25, has won his last three fights to set up an intriguing showdown with Cotto in two months.

"Canelo Álvarez is no longer the future of the boxing -- he is the present, and with a win ... against Miguel Cotto, he will solidify his status as the best in the business," said boxing great Oscar De La Hoya, chairman of Golden Boy Promotions.

"It has been a privilege to promote him during his meteoric rise, and we now look forward to many more highlights in a career already filled with many of them."