Masvidal famously called out Canelo shortly after beating Nate Diaz for the 'BMF' belt back in November ... and when we asked Alvarez out in L.A. this month if he'd be up for the fight, the boxing superstar told us he's down.
"For business, why not?!" Canelo says.
Neither guy has an opponent lined up for their next fight ... so could it actually happen??
And, Canelo DEFINITELY appears pretty intrigued by that.
As for if the Masvidal fight falls through ... Canelo says he'd be up for a rematch with Mayweather next -- telling us, "I was very young and experienced at the time and now I'm a different fighter. It will be a totally different result."
Either way, we'd pay to see both scraps ... so MAKE 'EM HAPPEN!!