The contract with DAZN is the largest contract ever for a sportsman, greater than the 13-year, $325 million agreement that New York Yankees hitter Giancarlo Stanton signed in 2014 to move from the Miami Marlins.
Alvarez is coming off the biggest win of his career in September, a thrilling majority decision victory against Gennady "GGG" Golovkin to become the WBC, WBA, Lineal and Ring Magazine Middleweight champion.
Alvarez's first bout of the deal sees him step up to super-middleweight to face Rocky Fielding on 15 December.
Lionel Messi, who earned $111 million past year, 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.
"He's extremely happy", De La Hoya told ESPN after Alvarez signed his new contract.
It will offer fans a monthly subscription service to watch the fights rather than having to pay hefty pay-per-view fees.
"We are thrilled to be exclusive partners with Golden Boy Promotions and Oscar De La Hoya", said John Skipper, DAZN Group Executive Chairman. "By bringing Canelo's fights to DAZN, we will turn his pay-per-view success into a growth engine for subscribers - a truly transformational moment for our business and the entire industry". HBO and Showtime typically charged $80 per fight, but on DAZN, his two fights per year will be available to those who pay $9.99 per month for the streaming service.
Alvarez's switch to DAZN is a direct outcome of HBO television's decision to pull the plug on 45 years of broadcasting boxing earlier this month.
"The December fight with Fielding is a risky fight", he said.
'I think in that first fight, experience beat me as I was very young.
"I was never anxious because I'm very confident in myself", Canelo said. "Forget about what the price is, the amount of money that we're making. It's very important. We have something pending there, so let's make the second fight".
The deal, which is for 11 fights, will see him earn a minimum of £278,148,250 over the next five years.