Canelo Alvarez signed a massive deal with sports streaming service DAZN on Wednesday following HBO's announcement that it will cease airing boxing. 

According to ESPN.com's Dan Rafael, Alvarez inked a five-year, 11-fight contract that will pay him at least $365 million.

Rafael noted that the deal is the richest contract ever signed by an athlete. The previous record was held by New York Yankees outfielder Giancarlo Stanton, who signed a 13-year, $325 million deal with the Miami Marlins in 2014.

Alvarez's promoter, Oscar De La Hoya, commented on the agreement, saying, "Canelo is the highest-paid athlete in the world. He's extremely happy."

While DAZN differs from traditional pay-per-view, Alvarez has the potential to make even more money on his deal if the service reaches certain subscription goals.

DAZN has only been available in the United States since September.

Despite that, Canelo said he had no reservations about signing on with the service:

"Never. I was never worried because I'm very confident in myself. I know how important I am to any platform I go to. I am very grateful to HBO and to Showtime for what they did for my career, but I am happy we're moving forward and that I will be able to fight on a platform that is the future. I've always liked a challenge, and this is yet another challenger in my career."

The 28-year-old Mexico native is coming off the biggest win of his career, as he defeated Gennady Golovkin by majority decision in September after fighting him to a draw last year.

That marked the first loss of GGG's career, while Alvarez is now 50-1-2 as a professional with his only loss coming against Floyd Mayweather Jr. in 2013.

As part of the deal, Alvarez will move up to super middleweight, and in his first fight for DAZN will face Rocky Fielding for the WBA (Regular) Super Middleweight title at Madison Square Garden in New York City on Dec. 15.