This article presents an analysis of the different approaches proposed by authors who have done research on Latin American integration and regionalism, and suggests that there are three competing initiatives of integration and regionalism in the third wave of Latin American integration: Post-Liberal Regionalism contained within UNASUR and ALBA, Open Regionalism Reloaded in the region through the Pacific Alliance, and Multilateralism or Diplomatic Regionalism with a Latin American flavor envisaged in the recently created CELAC. The study concludes that these new developments of a regionalism à la carte are a product of dislocation of the economic agenda of regionalism towards a set of diverse issues. Hence it demands a rethinking of the theorization of Latin American Regionalism.