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Canelo Alvarez and Gennady Golovkin's negotiations for a rematch have collapsed following a dispute over the proposed purse, ESPN reported on Tuesday.
The two fighters had been due to fight each other in Las Vegas in May before the middleweight bout was cancelled after Alvarez failed a drug test.
With Alvarez free to fight once his six-month suspension ends in August, the two rivals had been expected to fight again in September.
However, Alvarez's promoter Oscar de la Hoya said plans for a September 15 rematch had fallen through after world champion Golovkin demanded a 50-50 cut of the purse.
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"He's stubborn and wanting 50-50 and it's not going to happen," De la Hoya told ESPN about Golovkin. "The Canelo train has left the station."
De la Hoya said Alvarez would now likely fight Daniel Jacobs instead in September.
"So there's a deal on the table for Daniel Jacobs to fight Sept. 15 against Canelo," De la Hoya said.
"Daniel Jacobs loves the fight and we love the fight as well. So we're just moving forward and making sure that Canelo has the toughest dance partner possible for September 15."
Golovkin and Alvarez fought to a controversial draw in their first meeting in September last year.
Jacobs meanwhile gave Golovkin a stern test when the two fought last year, with Jacobs taking the champion the distance in a bruising 12-rounder.
"Jacobs gave GGG a run for his money a lot of people thought that he won," De la Hoya said. "I can't say he won't be Canelo's toughest fight. He might be tougher than GGG."