Cano will be represented in baseball matters by CAA Sports' Brodie Van Wagenen. The New York Yankees second baseman is making $15 million this season and can become a free agent at the end of the World Series.
"At this point in my career, I am ready to take a more active role in my endeavors both on and off the field," Cano said in a statement.
As of Tuesday, Boras remained Cano's agent listed with the Major League Baseball Players Association.
"I have yet to speak to Robinson, so I'm not going to comment until I talk with him," Boras said.
While the Yankees usually wait for contracts to expire before negotiating new agreements with players, they have said they hope to reach a deal with the 30-year-old Cano while he remains under their control. Boras usually prefers that his clients become free agents to increase bidders and maximize their values.
The new company, Roc Nation Sports, is led by Shawn Carter, better known as Jay-Z, and Juan Perez, who will be the company president. Jay-Z, a part owner of the NBA's Brooklyn Nets, is friendly with injured Yankees third baseman Alex Rodriguez, a former Boras client.
"Because of my love of sports, it was a natural progression to form a company where we can help top athletes in various sports the same way we have been helping artists in the music industry for years," Carter said in a statement.
Yankees general manager Brian Cashman said Feb. 28 that the team had made a significant offer to Cano for a new deal. The agent fees for Cano's next contract could become subject to litigation between Boras and the new company.