Saul "Canelo" Alvarez's IBF middleweight title has been vacated.

The news became official Thursday when Canelo's camp could not come to an agreement with mandatory challenger Sergiy Derevyanchenko on a purse bid for a potential matchup.

The IBF notified Alvarez of the decision to strip him of his title in a letter sent out on Thursday.

"It is crystal clear from the correspondence that on July 26, 2019, (Golden Boy matchmaker) Robert Diaz, on behalf of Golden Boy Promotions, agreed that Saul 'Canelo' Alvarez would relinquish the IBF middleweight championship title, with no further negotiations or purse bid, if there was no completed deal between him and Derevyanchenko by the agreed upon extended deadline of Monday July 29, 2019 at 3 p.m. ET," IBF president Daryl Peoples wrote in the letter. "As of today, August 1, 2019, the IBF has been advised that there is no such deal."

Alvarez (52-1-2, 35 KOs) was attempting to sidestep the mandatory fight against Derevyanchenko for a matchup with WBO title holder Demetrius Andrade which potentially would have unified the WBO, IBF and WBA titles.

There had been multiple postponements on the end date for an agreement on a fight with Derevyanchenko in an attempt to avoid vacating the title, but Peoples' letter explained why the IBF couldn't wait any longer.

"As to Golden Boy's request of August 1, 2019 for approval to allow Alvarez to unify the title with WBO middleweight champion Demetrius Andrade (on) or about October 2019, IBF Rule 10 F.5 does not allow a boxer to request an exception since the IBF has sent out the notice of the date of the purse bid," Peoples wrote. "In this case the notice was sent out and the purse bid has been postponed. In addition, the boxers who were involved in the purse bid are not permitted to take any intervening bouts and if the champion does take an intervening bout he will forfeit the title. Rule 10 F.6. For the foregoing reasons, the IBF hereby declared the middleweight title vacant."

Now it appears the two sides will move on and Derevyanchenko (13-1) may have a matchup with Gennady Golovkin awaiting him as he tries to avenge the one loss in his career.