However, his fights on DAZN will not be part of a pay-per-view deal but will instead be accessible to viewers who pay $9.99 a month for a streaming service showing a package of combat sports.
The lucrative deal comes on the heels of HBO recently announcing its plan to pull the plug on its boxing coverage by the end of 2018, forcing Alvarez and others to seek new broadcast homes.
"We are thrilled to be exclusive partners with Golden Boy Promotions and Oscar De La Hoya", John Skipper, executive chairman of Perform Group, DAZN's parent company, told ESPN of this new deal with Canelo. "DAZN has the flawless platform to make this dream come true, and with the biggest star in the sport at the helm of this journey, I have no doubts that we will succeed in unimaginable ways". The signing of Alvarez kicks off the DAZN-boxing partnership with an exclamation point and plenty of zeroes.
Domestically, the previous contract high for an athlete was the 13-year, $325 million dollar pact signed by Giancarlo Stanton with the Miami Marlins.
Álvarez's next fight is against Britain's Rocky Fielding on 15 December at New York's Madison Square Garden. That fight, like most of boxing's biggest, was shown on pay-per-view.
"The December fight with Fielding is a risky fight", he said.
First off, in recent years to watch a Canelo fight in America, you would have had to shell out big bucks to buy one of his fights on pay per view. I am moving up in weight and I don't know how my body will feel.
"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 is not the biggest at middleweight and he is stepping up to super middleweight, where I have been for a while", he said. "DAZN has the flawless platform to make this dream come true, and with the biggest star in the sport at the helm of this journey, I have no doubts that we will succeed in unimaginable ways".
Golovkin, who was also with HBO, has not agreed a deal with a new US TV network yet and his move could signal how likely he is to have a third fight with Alvarez in the near future.
"I've always liked a challenge, and this is yet another challenger in my career", Alvarez said in a statement.
Off the heels of a historic decision victory over Middleweight juggernaut Gennady Golovkin, Saul "Canelo" Alvarez has secured himself a $375 million contract with a mandated string of bouts, eleven in total.
Alvarez, 28, is from Mexico.