Detailed evolutionary models of the visual binary alpha Centauri, including pre main-sequence evolution, have been performed using the masses recently determined by Pourbaix et al. (1999). Models have been constructed using the CEFF equation of state, OPAL opacities, NACRE thermonuclear reaction rates and microscopic diffusion. A chi^2-minimization is performed to derive the most reliable set of modeling parameters wp={t_alpha Cen, Yi, [Fe/H]i, alpha A, alpha B}, where t alpha Cen is the age of the system, Yi the initial helium content, [Fe/H]i the initial metallicity and, alpha A and alpha B the convection parameters of the two components. Using the basic Bohm-Vitense (1958) mixing-length theory of convection, we derive wp BV={2710 Myr, 0.284,0.257, 1.53, 1.57}. We obtain a noticeably smaller age than estimated previously, in agreement with Pourbaix et al. (1999), mainly because of the larger masses. If convective core overshoot is considered we get wp ov={3530 Myr, 0.279,0.264,1.64,1.66}. The use of Canuto & Mazitelli (1991, 1992) convection theory leads to the set wp CM={4086 Myr, 0.271, 0.264, 0.964, 0.986}. Using the observational constraints adopted by Guenther & Demarque (2000), and the basic mixing-length theory, we obtain wp GD={5640 Myr, 0.300, 0.296, 1.86, 1.97} and surface lithium depletions close to their observed values. A seismological analysis of our calibrated models has been performed. The determination of large and small spacings between the frequencies of acoustic oscillations from seismic observations would help to discriminate between the models of alpha Cen computed with different masses and to confirm or rules out the new determination of masses.