Unified middleweight world champion
The new deal which is not just the most lucrative in boxing but is world sports after $325 million New York Yankees slugger Giancarlo Stanton 13-year agreement in 2014.
The deal is with DAZN a new streaming service and he is expected to fight 11 times from 2018 till 2023.
Canelo agreed to the deal and signed papers on Wednesday, October 17 with DAZN a streaming station that recently launched in September 2018.
The first of his fights are expected to be against Rocky Fielding a super middleweight challenger.
The proposed date for the fight is on Saturday, December 15 at the New York, Madison Square Garden.
Oscar De La Hoya's Golden Boy Promotions stated in a report by ESPN that Canelo is very much pleased with the contract.
He said, "Canelo is the highest-paid athlete in the world. He's extremely happy.”
Alvarez who is regarded as the next most demanded boxer after Floyd Mayweather and Manny Pacquiao stated in the report that the huge deal is down to his hard work.
He said, "This is only from my hard work.
"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.
“That was the most important thing, more important than what I am making.
"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.
“The December fight with Fielding is a dangerous fight. I am moving up in weight, and I don't know how my body will feel. But I always want to take on challenges, and I am very happy my fans will be able to see me fight for a small cost."
He thanked HBO his former streaming partners for what they have done for him and assured his supporters that DAZN can be better.
He said, "I know how important I am to any platform I go to. I am very grateful to HBO and to Showtime for what they did for my career, but I am happy we're moving forward and that I will be able to fight on a platform that is the future.
“ I've always liked a challenge, and this is yet another challenger in my career.
"Being part of this historic deal will require me to prepare myself even more and offer fans even better performances. At the same time, I am humbled to be selected to lead this new vision for the sport of boxing, which will without a doubt be for the benefit of the fans."