Figueroa (22-0-1, 17 knockouts) cited a re-injured left hand on Friday as his reason for pulling out of the bout with Alvarez (23-2-3, 14 KOs).
Figueroa-Alvarez was to be part of the four-bout Showtime Pay Per View telecast headlined by a junior middleweights Canelo Alvarez, the young brother of Ricardo Alvarez, and Alfredo Angulo.
Alvarez-Thompson will not be part of the pay per view broadcast, since a lightweight bout between former two-division titleholder Jorge Linares and Nihito Arakawa has been elevated to open the show.
The card will feature the first defense by IBF 154-pound titleholder Carlos Molina against prospect Jermall Charlo, the 23-year-old twin brother of unbeaten junior middleweight contender Jermell Charlo, as well as WBC 122-pound beltholder Leo Santa Cruz in a defense against Cristian Mijares.
Thompson (28-3, 26 KOs) has never been stopped, falling by majority decision to Azael Gonzalez in November 2009, split-decision to Alisher Rahimov in September 2010, and unanimous decision to RING No. 4-ranked Takashi Miura during a failed bid to earn the Japanese slugger's WBC junior lightweight belt in August.
The loss to Miura ended a 13-fight winning streak that had included 12 knockouts for Thompson, who stopped Linares in the second round in March 2012. Thompson bounced back from the loss to Miura with a first-round stoppage of Cesar Chavez in December.
Ricardo Alvarez was last in the ring in December for a unanimous decision over Rod Skalka.
Also on the Canelo-Angulo card are bouts featuring junior lightweight Will Tomlinson (21-0-1, 12 KOs) of Australia in his U.S. debut against Jerry Belmontes (18-3, 5 KOs), Francisco Vargas (18-0-1, 13 KOs) opposite Abner Cotto (17-1, 8 KOs), junior featherweight 2012 U.S. Olympian Joseph "Jo-Jo" Diaz Jr. (9-1, 6 KOs) against Jovany Fuentes (5-3, 4 KOs), and junior welterweight Keandre Gibson (8-0-1, 3 KOs) opposite Antonio Wong (12-6-1, 7 KOs).
In the opening bout, light heavyweight Steve Lovett (7-0, 5 KOs) of Australia meets an opponent to be determined.