Report: Jake Paul, Canelo Álvarez Finalizing Contract for Boxing Fight in Las Vegas

Jake Paul and Canelo Álvarez are finalizing a deal for a cruiserweight fight to take place on May 3 at T-Mobile Arena in Las Vegas, according to ESPN's Mike Coppinger.

The bought will take place at the 200-pound limit, Coppinger added. It will be streamed on Netflix.

The news comes after Matchroom Sport's Eddie Hearn asserted that Álvarez and Paul had finalized the major details for the blockbuster encounter.

Hearn told Ring Magazine's Louis Hart he's heard Canelo vs. Paul is "done."

Boxing insider Dan Rafael reported Wednesday the two fighters "are in the early stages" in conversations for a May 3 event in Las Vegas.

A breakthrough with Paul's camp would help to explain why Canelo's megafight with Terence Crawford unraveled in short order.

Coppinger reported in January the pieces were falling into place for Álvarez and Crawford to meet on the weekend of Mexican Independence Day in September:

On Monday, Coppinger and Ring Magazine's Keith Idec both reported negotiations were reaching the finish line. By Thursday, Idec said the fight was off entirely.

It was quite the about-face and a huge disappointment to boxing fans who have long hoped Canelo and Crawford would step in the ring together. That Álvarez is pivoting to Paul will only add to that frustration because the YouTuber-turned-boxer has yet to prove he's a strong challenger worthy of taking on one of the best pound-for-pound fighters in the sport.

Canelo vs. Paul figures to be a huge moneymaker, though, and that's what the former is weighing squarely in his mind.

Álvarez reportedly got around $35 million for his unanimous-decision victory over Edgar Berlanga in September. By opposing Paul, he'd almost certainly earn more than his reported purse of $45 million for the final installment in his trilogy with Gennady Golovkin.

The super middleweight champion would also have the fall open, thus allowing him to restart a dialogue with Crawford or target an opponent who would help to burnish his résumé a bit more.