At the WBC 59th Convention in Mexico City, the WBC Board of Governors unanimously approved the request of Alvarez's coach and manager -- Eddy Reynoso -- to allow the Mexican to contest the cruiserweight title in May or June 2021.
"The WBC has approved unanimously Canelo to fight for the WBC cruiserweight championship of the world," said WBC President Mauricio Sulaiman.
"This is a surprise to me but I'm sure he will continue to make history."
Earlier this month, Alvarez became the first ever undisputed super middleweight champion with a win via 11th round technical knockout over then-undefeated IBF titleholder Caleb Plant.
Now holding all four major super middleweight world titles -- the WBA, WBC, IBF and WBO -- victory over American Plant in Las Vegas crowned another historic year for Canelo, having already defeated two previously undefeated titleholders in British pair Callum Smith and Billy Joe Saunders.
Widely regarded as the sport's best pound-for-pound fighter on the back of this feat, 31-year-old Alvarez had already won multiple world championships across three other weight classes -- super-welterweight, middleweight and light-heavyweight -- and has lost just once across 60 professional fights.
With 57 wins and two draws, that sole defeat came via majority decision to Floyd Mayweather Jr in Las Vegas in 2013, with Alvarez losing the WBC light middleweight title in the process.
Standing in the way of Alvarez's pursuit of a title in a fifth weight class is Makabu, who has held the WBC cruiserweight title since defeating Poland's Michal Cieslak for the vacant belt in January 2020.
The Congolese fighter extended his professional record to 28-2 in his most recent victory over Nigeria's Olanrewaju Durodola in December last year.
Makabu's first defeat came in his maiden professional bout in 2008, with his only other defeat coming at the hands of British boxer Tony Bellew in Liverpool in 2016.
Fighting in Bellew's home-city at Everton Football Club's Goodison Park stadium, Makabu was knocked out in the third round, but the Congolese has since bounced back with nine consecutive victories.