The two fighters faced off at a press conference in Egypt on Saturday to formally announce their bout.
Former undisputed super-middleweight champion Alvarez lost his belts in a defeat by US veteran Terence Crawford last September.
Crawford subsequently retired and the WBC promoted Mbilli from its interim champion to its full champion.
“He’s a champion and he’s a dangerous fighter,” Alvarez said of the 31-year-old Mbilli, who was born in Cameroon and has spent much of his career boxing in Canada.
“He throws a lot of punches, he’s strong and I like that kind of fight. I love it.”
However, Alvarez dismissed Mbilli as having “zero chance” of winning in Riyad.
“Canelo Alvarez is the biggest test of my whole life, a life of effort, perseverance and relentless hard work which has prepared me for this moment,” said Mbilli.
“On September 12, I promised to impose my name in the history of sport by bringing a battle the likes of which you’ve never seen before.”
Alvarez, 35, has held numerous world titles at different weights from light-middleweight to light-heavyweight during a 20-year career that began as a 15-year-old.
He has a record of 63 victories, with 39 of those inside the distance, three defeats and two draws.
Mbilli is unbeaten with 29 wins and one draw from his 30 bouts, although he has never faced anyone of Alvarez’s level.
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