Canelo stripped of IBF title, reportedly in talks for Andrade unification bout

Middleweight world champion Canelo Alvarez has been stripped of his IBF title after he was unable to come to terms with mandatory challenger Sergiy Derevyanchenko, IBF president Daryl Peoples confirmed in a letter, according to ESPN's Dan Rafael.

The two parties had until 3 p.m. ET on Thursday to strike a deal but failed to do so due to a disagreement over money, sources told Mike Coppinger of The Atheltic, who first reported the news.

Instead, the Mexican is in serious talks for a middleweight unification bout against WBO titleholder Demetrius Andrade, according to Coppinger.

Alvarez - who also owns the WBA and WBC titles - recently said he wants to become the undisputed 160-pound champion.

The IBF is expected to move forward by ordering a title fight between Derevyanchenko and Gennadiy Golovkin for the now-vacant belt, Coppinger adds.

DAZN - which signed Alvarez to an 11-fight deal last year - reportedly approved Derevyanchenko as an opponent, and negotiations to finalize the bout were apparently taking place.