The WBC has come to an agreement with both Canelo Alvarez and Gennady Golovkin which allows both fighters to make a voluntary defence of their respective titles before May 31 2016.
A 15 day negotiation period will commence after this period with a purse bid to follow if terms cannot be agreed.
After Friday's deadline passed fans were hopeful a deal may have been agreed.
Today's statement posted on the official WBC website reads:
"The World Boxing Council with the full cooperation of all interested parties proudly announces the status of its Middleweight division. Upon the joint request of WBC Middleweight World Champion Saul Alvarez and WBC Middleweight Interim Champion Gennady Golovkin,
Both shall be entitled to make a voluntary defense of their corresponding championships, so as to maximize the interest on their highly anticipated showdown. A 15 day free negotiation period will be ordered on the earlier of the competition of the voluntary defense or may 31 2016".
In line with the WBC's terms, should the fight not take place either man would be stripped of their WBC World/interim titles.
The Kazakh KO King will be keeping one eye firmly on Saturday's WBO World Title fight between Andy Lee and Billy Joe Saunders with a view to adding that title to his collection early next year.
Lee admitted he would be keen to tackle Golovkin should he retain his title.
Promoter Oscar De La Hoya confirmed Canelo will fight again in May and then again in September, taking the Mexican bank holiday dates.
September seems a possible date for the potential Canelo v Golovkin super fight.