The Mexican moves up from super middleweight having unified the division and won all four world titles.
Canelo stopped both Billy Joe Saunders and Caleb Plant in 2021 and his performances saw him crowned as Ring Magazine's Fighter of the Year.
He has now made another move up to 175lbs - his previous outing at light heavyweight being against Sergey Kovalev, who he stopped in the eleventh round to win the WBO world title.
Eddie Hearn has confirmed there will be no catchweight for the clause as Canelo wants to win legitimately at light heavyweight.
"You know that Canelo could have had a catchweight for this fight, real easy, real easy," Hearn said on The DAZN Boxing Show. "Dmitry Bivol is not a massive 175. He would have accepted anything from 171 and up.
"We've had these conversations with Eddy Reynoso and Canelo. Canelo Alvarez and those guys, Eddy [said], 'No catchweight. If this is going to be for the 175-pound title that's the way it's going to be.'
"And rehydration clause, right, doesn't exist," Hearn continued. "They could have put a rehydration clause in this contract so easily and they said, 'no rehydration clause. Why?' And I'm like, 'you're coming up a division. You're not at heavyweight. This guy could come in the ring at 185 pounds' - No. Because he doesn't feel that's what greats do."
Since the retirement of Floyd Mayweather, Canelo has become the most profitable boxer in the world and will face Bivol on May 7 - Cino de Mayo weekend - on DAZN pay-per-view.
Where is the fight taking place?
Canelo returns to the T-Mobile Arena in Las Vegas - a venue which he has fond memories of, including a brutal KO win over British star Amir Khan.
What is on the line?
Bivol is making the ninth defence of his WBA light heavyweight title and is undefeated from 19 fights.
Who is on the undercard?
Shakhram Giyasov and Christian Gomez will clash for the IBF North American Welterweight title.
Rising Super-Lightweight talent Montana Love meets Gabriel Valenzuela in a mouth-watering battle at 140lbs, while unbeaten heavyweight's Filip Hrgovic and Zhilei Zhang meet in a final eliminator for the mandatory spot for the IBF crown.
When are tickets out?
They were released on March 23 and while they sold out within minutes, fans can buy tickets on resale here.