Canelo Alvarez and Golden Boy Promotions are finalising an agreement to end their long-term partnership.
Canelo had been declared a free agent by his trainer and manager Eddy Reynoso on Friday, amid an ongoing lawsuit against Golden Boy Promotions, DAZN and Oscar De La Hoya.
According to The Athletic, Canelo and Golden Boy have agreed to end their partnership and are working on a deal to finalise this, whilst the pound-for-pound star was not tied to streaming platform, DAZN, who are the network aligned with Golden Boy.
Four-weight world champion, Canelo filed a lawsuit against his promoter Oscar De La Hoya and Golden Boy, as well as DAZN on September 8, for breach of contract among other reasons, reportedly seeking damages of up to $280m (£216m), related to the record $365m, eleven fight deal he agreed in October 2018.
Canelo was just three fights into that deal, having fought Rocky Fielding, Daniel Jacobs and Sergey Kovalev most recently last November.
The Mexican star re-filed his claim on September 29 after the case was dismissed by a court in California following a technicality.
In a statement published by Eddy Reynoso on social media on Friday, he declared the 30-year-old a free agent and insists that he would be fighting this year.
A statement on Twitter read: “In my role as a manager and coach of Saul “Canelo” Alvarez, I allow myself to communicate to the boxing community and to all our fans, that starting today, November 6th, “Canelo” becomes a free agent, so we are ready to continue with his boxing career.
— EDDY REYNOSO (@CANELOTEAM) November 6, 2020
“All this time we have been working very hard in the gym with a lot of responsibility and discipline, to be in great physical shape and ready to fight this year and it will be.
“We will announce date, rival and place very soon, and we will return stronger than ever to keep growing and showing that Mexican boxing is the best.”
Canelo has not fought since spectacularly knocking out Kovalev to claim the WBO Light Heavyweight title in Las Vegas and was set to face WBO Super Middleweight holder Billy Joe Saunders in May prior to the outbreak of the COVID-19 pandemic.
A statement from Oscar De La Hoya and Golden Boy read: “The lawsuit was resolved to everyone’s satisfaction and we wish Canelo the best going forward.
“In strong partnership with DAZN we will continue showcasing our wide array of talent including rising superstars like Ryan Garcia, Jaime Munguia and Vergil Ortiz Jr.”
proboxing-fans.com have reached out to DAZN for comment.