Saul 'Canelo' Alvarez is on the verge of agreeing a blockbuster two-fight deal with Eddie Hearn worth a combined total of £63million, according to reports.

The Mexican star, 31, has been a free agent ever since November 2020 when he left Golden Boy Promotions after falling out with his former promoter Oscar De La Hoya.

But Canelo Alvarez is said to be close to signing a mega-deal with Matchroom Boxing to compete on DAZN, according to ESPN reporter Mike Coppinger.

It is understood Alvarez will defend his super-middleweight titles against arch-rival Gennady Golovkin in a long-awaited trilogy bout on September 7.

But first he will have to get past WBA (Super) light heavyweight world champion Dmitry Bivol on May 7.

Under the terms of his contract, Canelo will return to 175lbs to lock horns with Bivol, having previously beaten Sergey Kovalev for the WBO belt in November 2019.

And he will face Golovkin for a third time a few months later if he is successful against the Russian.

It's believed the Mexican maestro will rake in more than £30million a fight.

LAS VEGAS, NEVADA - NOVEMBER 06: Canelo Alvarez (C) walks away after knocking out Caleb Plant in the 11th round during their championship bout for Alvarez's WBC, WBO and WBA super middleweight titles and Plant's IBF super middleweight title at MGM Grand Garden Arena on November 06, 2021 in Las Vegas, Nevada. (Photo by Al Bello/Getty Images)

On the potential new deal, Coppinger tweeted: "Canelo Alvarez and Eddie Hearn are closing in on a two-fight deal for the star’s return to DAZN.

"Fight 1 - Dmitry Bivol on May 7 at 175 pounds. Fight 2 - Gennady Golovkin on September 17 at 168 pounds. No agreement yet; Canelo and GGG both must win."

The report adds Canelo has also received an £33million approach from Floyd Mayweather's former manager Al Haymon of Premier Boxing Champions to defend his undisputed super-middleweight championship against unbeaten middleweight Jermall Charlo, 31.

Alvarez inked a one-off fight contract with PBC to face Caleb Plant for the belts back in November.

However, it appears that he has now snubbed Haymon by agreeing terms with Hearn, but the No1 pound-for-pound boxer in the world has yet to sign a contract.

Hearn recently unveiled his grand plans for Canelo for the rest of the year starting with a return to the light heavyweight division.

Speaking on the DAZN Boxing Show, he said: “I think it depends on what Canelo wants to do, in terms of the division he wants to fight in.

"I’d like to see him fight Dimtry Bivol, then Joe Smith, then [Artur] Beterbiev and clean up at 175. I think with Canelo, anything is possible. I think him and Eddy Reynoso will talk and come up with a plan and look at the options, and it’ll come down to what excites him.

"Does Joe Smith excite him? Dmitry Bivol might excite him more because he beat Joe Smith comfortably. He’s undefeated and it’s a fight that could be made quite easily.

“This is a unique setup with Eddy and Saul, and they’ll go through all the options. It comes down to feeling, legacy and drive. I don’t think they’re interested in just taking a fight that doesn’t really do anything for him

“I think he would pick Bivol over Smith but the Smith fight could definitely follow. I expect him to make a decision quite soon. I know that they’re thinking of making a move over their next fight.”