The two have fought twice before, each winning one fight. Rios won the first one in October 2012 and Alvarado got revenge five months later.
Both fights were considered classics and Arum believes that the third fight will live up to all the hype.
Speaking during an international media conference call, Arum said: "The previous two fights were classics. This one will probably top them all."
Alvarado told media that the fight was a must win for his career. "There has to be a winner to this," Alvarado said.
“It's a trilogy. We have to figure out who wins this. I'm just gonna get in there and do what I do…I know I need this win.
“We're going to go in there and we're going to fight our hearts out. That's just the kind of fighters we are," he added.
Speaking on the conference call Rios said: "Our first two fights were exciting and have become legendary. I am proud to be associated with them and with Mike Alvarado.
"We gave the fans and ourselves the best we had to offer and produced spectacular performances. It was so intense and so close. All I kept thinking in each fight was 'Don't stop. Keep moving forward.'
"For this one Robert [Garcia] and I are working on using the ring in case Alvarado tries to run. The training method I am using is going back to the basics that I used in our first fight,” he added.
Rios also agreed Alvarado about the fights being must wins to keep their careers on the up.
"We're cool outside the ring but once we get into the ring we want to kill each other…we both have a lot on the line right now.
"This fight is pretty much judging our careers. I'm so focused and ready for this fight that it's unbelievable," he said.