Two months out there is no compensation for cancelled flights. The ticketing carrier should put you on another flight, but has no ability to force award space on a partner carrier that suits you, and will not buy a revenue ticket. Therefore your option at this stage is to find a solution with AA that suits you and is possible for them, remembering that it is not AA's problem that IB cancelled their flight. It is too early to comment on the specifics of EC261 applicability at this stage.