Their bout is regarded as boxing's biggest world title fight since Floyd Mayweather Jr fought Manny Pacquiao in 2014.
Alvarez (49-1-1, 34 KOs), 26, came face-to-face with WBC-IBF-WBA champion Golovkin (37-0, 33 KOs) at a press conference in London, the first leg of a global media tour to promote their fight.
Both boxers have a high knockout ratio and Golovkin's last fight, against American Daniel Jacobs in March, was the first time he had been taken the distance since 2008.
"I have to be careful with everything when facing him because he's good all around," said Alvarez.
"There's a lot of probability there will be knockout, as we can both punch.
"I'm Mexican and he's trained by a Mexican (Abel Sanchez) and the fans are in for a treat. There's a high probability there will be a knockout.
"I'm going to have to be smart and elusive to avoid his punches. He's very powerful if you stand in front of him."
Golovkin, 35, has made 18 consecutive world middleweight title defences but was given his toughest test yet in his last outing against Jacobs.
The Kazakh admits Alvarez will be an even more difficult opponent.
"This is the most difficult," said Golovkin.
"Canelo is ready, 100 per cent. I know him, he's the best. I have a plan, my coach Abel Sanchez has a new idea.
"His power, his timing, he has a good team, he lives well, he has everything. He's tough."
'Fighting the very best'
It was all very respectful and the most interesting point of the press conference came when British pugilist Billy Joe Saunders, the WBO world middleweight champion who was sitting among journalists, asked Alvarez why he had relinquished the WBC title and not fought Golovkin sooner.
"There were a lot of conditions from the WBC and a timeline, they put conditions in the purse split," said Alvarez through a translator.
"I had a court case in Miami and they wanted to negotiate with them (Golovkin's management team) within 15 days. I couldn't do it."
Saunders asked if he could fight the winner, but Golovkin was non committal.
"You talk too much, you are a boxer, not a promoter," said Golovkin addressing Saunders.
The lack of trash-talking between Golovkin and Alvarez will contrast to the build up of the fight between Floyd Mayweather Jr and UFC star Conor McGregor who clash in the same Las Vegas venue on August 26.
Mayweather is returning from two years 'retired' to face Irishman McGregor and, despite the questionable competitiveness of the contest it is expected to generate more global interest and revenue.
Mayweather-McGregor could make more than the record $623.5 million made when Mayweather beat Pacquiao in a world welterweight title unification fight.
Oscar De La Hoya, Alvarez's promoter, made a thinly-veiled dig at Mayweather-McGregor.
"Both fighters have the type of action packed style that the fans clamour for and something fans will not see in any other fight this summer," said De La Hoya.
"You have two fighters here who are stepping up and fighting the very best.
"I know for a fact that what you have seen from Gennady has been amazing and what you have seen from Canelo has been incredible.
"But they are going to step up their game and move on to a new level."