Alvarez is coming off a victory over Gennady Golovkin in a middleweight showdown in September which cost $84.95 to watch in high definition on pay-per-view.
The contract will see the Mexican middleweight earn a staggering $365 million minimum over the course of 11 fights over the next five years. The live productions will be a collaboration between DAZN and Golden Boy Media and Entertainment, De La Hoya's in-house production arm, and will push the boundaries of traditional boxing shows by incorporating new features with virtual graphics and social media interaction.
The Mexican was a free agent in terms of a TV partner after HBO Boxing pulled out of the sport and it now appears as if the new streaming service has won the race for one of, if not the biggest, fish in the fight world.
It is the biggest contract in sports history, surpassing the $325m 13-year contract extension signed by baseball star Giancarlo Stanton at the Miami Marlins in 2014.
But, if it doesn't happen, Canelo tells us he's down for a 3rd fight with Gennady Golovkin - and in the meantime, he's prepping for his December 15 fight against Rocky Fielding at Madison Square Garden.
Lionel Messi, who earned $111 million a year ago, is likely to be his main competition for the highest-earning athlete title, but reports indicate that Alvarez could have earned upwards of $120 million for 2018 by the time of his debut fight with DAZN.
Alvarez had no worries about making this move to an unproven broadcast platform.
Oscar De La Hoya's 7,000-hour library of fights spanning his career as a boxer and a promoter are included in the partnership and these classic bouts will be available on DAZN.
"This is only from my hard work", said Alvarez, according to ESPN. "The most important thing to me was being able to give the fans the opportunity to see me fight without having to pay the $70 or $80 for my fights on pay-per-view".
"It's very important for me to give the fans the biggest fights and the most important fights, and I promise you I will always do that. It's very important. We have something pending there, so let's make the second fight". The December fight with Fielding is a risky fight.
"Never. I was never anxious because I'm very confident in myself", he said.
Skipper said it wasn't quite a blank check, but one that ensured Alvarez wouldn't be taking a pay cut to leave pay-per-view.
"I know I am in for a tough night", he added.
Alvarez, 28, is from Mexico.