The Mexican boxing star will face Frenchman Christian M'billi in a super-middleweight bout on October 31.
"Canelo has called and will box in Riyadh in October, no matter what happens. He fears nothing," Alalshikh, chairman of Saudi Arabia's General Entertainment Authority, wrote on social media.
The announcement comes after two attacks on Riyadh International Airport. Saturday's attack killed about 10 people and injured more than 300. In a new attack on Sunday, at least one person was killed and another dozen were injured.
Álvarez has not fought since losing to American Terence Crawford in September 2025.