The next step in the incredible career of Saul ‘Canelo’ Alvarez remains to be determined.

Widespread reports regarding Alvarez being on the verge of signing a two-fight agreement with Eddie Hearn’s Matchroom Boxing were refuted by those closest to the pound-for-pound king and four-division champion. The two rumored deals in place have Alvarez either returning to the DAZN family or remaining put with Showtime and Premier Boxing Champions (PBC), both of which have the reigning undisputed super middleweight champion targeting a May 7 ring return atop a Pay-Per-View event.   

“I am grateful to communicate that there [are] offers for Canelo’s next fight from PBC and [M]atchroom,” Eddy Reynoso, Alvarez’s head trainer and co-manager announced Thursday afternoon. “The negotiation process is still a work in progress. A final decision has not been reached.”

News made the rounds of Alvarez and Hearn coming to terms on a two-fight deal worth at least $85,000,000 and with the potential to grow to nine figures. According to such reports, the first fight would see Guadalajara’s Alvarez (57-1-2, 39KOs) return to light heavyweight where he would challenge WBA titlist in a bid for a second title reign at the weight.

The second suggested fight of that deal suggested a trilogy clash with two-time and current IBF middleweight titlist Gennadiy Golovkin (41-1-1, 36KOs), who would have to defeat WBA titlist Ryota Murata in a title unification bout currently stuck in a holding pattern before moving up to challenge Alvarez. Such a fight has been discussed by media and fans alike since their September 2018 rematch, which saw Alvarez take a twelve-round, majority decision at T-Mobile Arena in Las Vegas, the site for their disputed draw one year prior.

A deal with Showtime and PBC—which remains in play—would have Alvarez next face WBC middleweight titlist Jermall Charlo (32-0, 22KOs), who would move up in weight. Such a fight would headline a May 7 Showtime Pay-Per-View event, in a deal comparable to the one Alvarez enjoyed in a history-making, eleventh-round knockout of Caleb Plant last November to become the first-ever undisputed super middleweight champion.

The reports from Wednesday suggested that Alvarez is no longer considering the Showtime/PBC offer. His team clearly suggests otherwise.

“As of now, all information published yesterday has no truth or foundation behind it,” insists Reynoso. “Once we have a signed agreement, our team will be the first to notify the public.”

Alvarez has won titles at junior middleweight, middleweight, super middleweight and light heavyweight. He is one of just three fighters in history to win major titles at those weights, joining Hall of Fame legends ‘Sugar’ Ray Leonard and Thomas Hearns.

The 31-year-old Alvarez has not said much regarding his boxing career since his knockout win over Plant (21-1, 12KOs), though he has remained in the spotlight. The most recent public appearance came in the 2022 AT&T Pebble Beach Pro-Am Golf Tournament earlier this month. Alvarez came within eleven inches of sinking a hole-in-one on the 17th hole on Pebble Beach Golf Links, which would have earned a $500,000 payday for the four-division champ.

Jake Donovan is a senior writer for BoxingScene.com. Twitter: @JakeNDaBox