It is the biggest contract in sports history, surpassing the $325m 13-year contract extension signed by baseball star Giancarlo Stanton at the Miami Marlins in 2014.
As part of the Alvarez deal, the Mexican's promoters Golden Boy will stage 10 cards on the channel each year.
Canelo is fresh off a victory against Gennady Golovkin which made him top dog in the middleweight division and one of the biggest stars in the world meaning it is a major coup for DAZN.
Boxer Saul "Canelo" Alvarez is about to become very, very rich.
Alvarez will move up in weight to challenge WBA super middleweight champion Rocky Fielding on December 15 at New York's Madison Square Garden.
Whilst Alvarez will still fight under the Golden Boy banner, his connection to DAZN could allow for fights with English fighters signed with Hearn.
"This is only from my hard work", Alvarez told ESPN shortly after he signed the paperwork. "That was the most important thing, more important than what I am making".
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"If he wants to return, I ask him to look my way to give a great fight to the fans".
Instead of pay-per-views for his fights, fans in America and other selected regions (not the UK), will get to watch his fights for £7 a month. "I've always liked a challenge, and this is yet another challenger in my career".
Canelo's move to DAZN occurs at an uncertain, transitionary time for the sport of boxing. 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.
Skipper said it wasn't quite a blank check, but one that ensured Alvarez wouldn't be taking a pay cut to leave pay-per-view. The fight was the last of his broadcast deal with HBO, who recently announced they'll be exiting the boxing game after several decades. He said Alvarez's last three fights generated 3.6 million buys and almost a quarter of a billion dollars, making him someone who can be transformative to a subscription service focused largely - at least for now - on combat sports.
Alvarez, 28, is from Mexico.
"This is easily one of the best days in the growing history of Golden Boy Promotions", said De La Hoya, speaking to ESPN.