The 1986 American League rookie of the year and 1988 league MVP with the A's is seeking asset liquidation in Chapter 7 documents filed Tuesday in U.S. Bankruptcy Court in Las Vegas.
Canseco's bankruptcy attorney, Mark Segal declined to comment Wednesday.
The bankruptcy petition says the 48-year-old Canseco lives in Las Vegas.
The filing was first reported by the Las Vegas Sun.
It lists less than $21,000 in assets and almost $1.7 million in liabilities, including more than $500,000 owed to the Internal Revenue Service.
Canseco hit 462 home runs during 16 years on eight major league teams.
He was a six-time All-Star and two-time World Series winner.
He later admitted using performance-enhancing drugs.