Jacobs has been offered significantly less money than Golovkin (38-0-1, 34 KOs), who beat Jacobs by unanimous decision in March 2017, for a shot at Alvarez.
Alvarez, 27, said eating contaminated meat was the reason he tested positive for clenbuterol on 17 and 20 February.
The Los Angeles Times' Lance Pugmire reported Wednesday that Golovkin wasn't budging from his demand to receive 45 percent of the fight purse, up slightly than the 42.5 percent cut proposed by Golden Boy Promotions.
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The pair's first bout last September ended in a controversial draw, with judge Adalaide Byrd's scorecard of 118-110 in favour of Alvarez widely ridiculed.
Under the deal, Alvarez would get 57.5 percent of the revenue generated by the fight.
Golovkin was the holder of three of the major world titles but was recently stripped of the IBF belt after declining to agree to fight mandatory challenger Sergey Derevyanchenko.
The deadline came and went with no update but, suddenly, confirmation arrived in the form of a tweet from Golden Boy's official Twitter account. Most boxing experts believe Golovkin won the first fight. Not only did the much hyped bout fall through, Canelo was suspended by the Nevada State Athletic Commission for six months, meaning he was effectively out of the fight game for half a year.