Canelo, 26, lost to Mayweather in 2013, the only blemish on his 50-fight record, and has been open to a rematch with the American that has not been forthcoming.
As Mayweather eyes a possible money-spinning clash with McGregor, Canelo said he wouldn’t disrespect his own supporters by taking on an MMA fighter without a boxing match to his name.
“It would be offensive to my fans if I fought McGregor. I wouldn’t do it,” Canelo told Sports Illustrated through De La Hoya as his interpreter.
Meanwhile, De La Hoya said he doesn’t think Mayweather v McGregor will even make it to the first bell.
“The fight will never happen. The UFC will never allow it,” De La Hoya predicted.
“Why would the UFC let their biggest star going over and fight straight boxing?
“He would probably be out-classed and it will be a boring boxing match,” he added.
De La Hoya also added that if Canelo fought Mayweather now ‘he’d probably knock him out’.
McGregor has continued training for the bout having put his UFC career on hold, although UFC owner Dana White is expecting his top guy back and plans to offer him a title defence in the next few months.
Watch the video by Sports Illustrated: