It has been reported the Mexican is considering stepping up to cruiserweight to challenge Ilunga Makabu for the WBC belt after being given the all-clear by the governing body.
But Golden Boy Promotions chief De La Hoya, who used to promote Canelo, says he would rather see him take on Charlo instead.
De La Hoya, speaking in an interview with KO Artist Sports, said: “I want to see Charlo, because I think Charlo just now earned his way to Canelo, like just now.
“Charlo is like one of those late bloomers, he’s a great champion, I love him – we built him.
“But there’s fighters that kind of gain notoriety like later in their careers, like you have to really establish yourself, and he’s one of them.
“But right now is the perfect time to make that fight.
“I would like to see [David] Benavidez, I think that’s a great fight, I think that’s a very dangerous fight.
“You know, guys like that. I think Canelo keeps proving everyone wrong, so, keep going man, keep going.”
Eddie Hearn, meanwhile, has pitched another idea to Canelo: a three-fight series at light heavyweight starting with Dmitry Bivol followed by unification bouts against Artur Beterbiev and Joe Smith Jr.
Hearn told DAZN: “I think it depends on what Canelo wants to do, in terms of the division he wants to fight in.
“I’d like to see him fight Dmitry Bivol, then Joe Smith, then [Artur] Beterbiev and clean up at 175. I think with Canelo, anything is possible.
“I think him and Eddy Reynoso will talk and come up with a plan and look at the options, and it’ll come down to what excites him.
“Does Joe Smith excite him? Dmitry Bivol might excite him more because he beat Joe Smith comfortably. He’s undefeated and it’s a fight that could be made quite easily.”
At 31, Canelo continues to hunt for world titles no matter what weight class and create his own legacy.
And as far as Hearn is concerned, the four-division world champion has the whole world at his feet.
He stated: “This is a unique setup with Eddy and Saul, and they’ll go through all the options.
“It comes down to feeling, legacy and drive.
“I don’t think they’re interested in just taking a fight that doesn’t really do anything for him
“I think he would pick Bivol over Smith but the Smith fight could definitely follow.
“I expect him to make a decision quite soon. I know that they’re thinking of making a move over their next fight.”