Canelo is looking to bounce back from a disappointing defeat to Terence Crawford last September, a fight that ended his reign as the undisputed super-middleweight champion.
The undefeated Mbilli was elevated to WBC super-middleweight champion after Crawford retired and has been gunning for a fight with one of boxing's biggest stars in Canelo - a contest which Mbilli's promoter says is set to happen.
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"We've worked with our partners in Canada [Eye of the Tiger, which co-promotes Mbilli]," duBoef told Sky Sports. "That's the fight that's being targeted.
"They're talking about the fall [for it to take place]."
As well as offering Alvarez an immediate return to world title competition, the bout will also be an enticing blend of styles. Mbili - who boasts explosive power and harbours a reputation as one of the division's more aggressive fighters - has been billed as the perfect opponent for Canelo, whose characteristic counter-punches bank on ill-fated swings from his opponents.
"I think stylistically for both guys, it's a good fight. Canelo needs [Mbilli's style] too. He needs a guy that's going to come to him - that's where he really excels," duBoef said.
"[Canelo's] got nothing to lose, only to gain. And we don't know how many more days Canelo's got left.
"That's an excellent stylistic fight. You can see the styles come together."
The Ring magazine had previously reported that the fight is set to headline a Riyadh Season event and take place in Saudi Arabia on September 12, though neither the date nor the location of the fight have been officially confirmed.
Don't miss Chris Billam-Smith vs Ryan Rozicki live on Sky Sports on June 6.
