The report, citing unnamed sources, said no site has been set for the matchup but it was expected to be in Jalisco, Mexico, and the first bout for Alvarez in his homeland his 2011.
Alvarez, 58-2-2 with 39 knockouts, has not fought in Mexico since defeating Puerto Rico's Kermit Cintron 12 years ago in Mexico City to retain his WBC light middleweight title.
The fight would be the first for Alvarez, 32, since he had left wrist surgery last October after a victory over Gennady Golovkin to keep his crowns.
Ryder, a 34-year-old English southpaw, is 32-5 with 18 knockouts. His most recent fight was a fifth-round stoppage of countryman Zach Parker last November in London for the World Boxing Organization interim super-middleweight crown.
Ryder's only fight for a full world title came in 2019, when he lost a unanimous decision to England's Callum Smith for the World Boxing Association belt.
