The first bout resulted in a contentious draw a year ago and a scheduled rematch in May was postponed, with Canelo hit with a six-month ban for a positive test for the banned substance clenbuterol.
His record of 49-1-2 with 34 knockouts includes victories over Shane Mosley, Austin Trout, Erislandry Lara, Miguel Cotto and Amir Khan, all world champions.
In the hours leading up to the first fight, a late flurry of money on Golovkin drove his odds to -200 before the bell sounded.
For the most part, the animosity between the two men has had a ring of authenticity about it. Even so, Canelo told TMZ that his aim is to put Gennady Golovkin on the canvas within the first round of action: "Without a doubt, I'll be going in there to knock him out, that's what I've worked for", he conveyed through a translator.
Mexico's Alvarez, 28, who was mistakenly called to the scale first but would not budge until Golovkin weighed in, was 159.4 pounds. "Maybe they believe what they say, maybe it is to get me mad - but it has worked".
The Golovkin camp has been relentless in chastising Alvarez for the failed test and postponement of the rematch.
First up, pound-for-pound king and former four-division world champion Roman "Chocolatito" Gonzalez makes his eagerly awaited return against experienced Mexican warrior Moises "Moi" Fuentes in a ten-round super flyweight bout.
Hurricane Florence is producing waves as high as 83 feet
News 6's Erik Sandoval was live in Wilmington shortly before the storm made landfall. These swells are likely to cause life-threatening surf and rip current conditions.
Johnny Avello, executive director of the Wynn race and sports books, said if the fight went off on Friday that he'd need the underdog. Alvarez's official purse is $5 million, and Golovkin's is $4 million.
Golovkin appeared to have done enough to edge Canelo out during a thrilling 12-round contest at the T-Mobile Arena in Las Vegas, only to be denied by the judges' scorecards in a now-infamous decision.
This preview for Canelo vs. Golovkin 2 - "The REMATCH" will give you chills... "I want to punish him for all the bad things that he and his team have done".
Abel Sanchez, who has trained Golovkin at his gym in the San Bernardino Mountains outside Los Angeles since 2011, agrees. "I've got to make sure when he's vulnerable I take advantage of that".
"This fight means a lot to me because of all that has happened and all that has been said", Alvarez said. "I think so, yes, I'll bring my belt back home".