Sources: Gennadiy Golovkin holding up Canelo Alvarez's two-fight deal

Canelo Alvarez has verbally agreed to a two-fight deal with Matchroom Boxing for DAZN PPV bouts on May 7 against Dmitry Bivol and Sept. 17 against Gennadiy Golovkin, sources told ESPN.

Bivol, a light heavyweight titleholder, signed the contract, but talks are ongoing between Golovkin and DAZN to resolve issues, sources said. Alvarez's deal can't be finalized until Golovkin agrees to the deal as well, according to sources. In a tweet Thursday night, Alvarez said he was still negotiating.

The other package that was presented to Alvarez, ESPN's No. 1 pound-for-pound boxer, came from PBC. Al Haymon offered Alvarez a one-fight deal worth upward of $45 million for a May 7 defense of his undisputed super middleweight championship against Jermall Charlo, sources said.

Another PBC offer extended to Alvarez, 31, was for two fights and more than $100 million for a May fight with Charlo and a September bout with David Benavidez, sources said. Alvarez (57-1-2, 39 KOs) rejected that package earlier this month, sources said, and there has been no dialogue since, as Alvarez focused on the DAZN deal.

Alvarez, who holds four 168-pound belts, would return to 175 pounds for a fight against Bivol. The truly marquee event remains the third fight with Golovkin. Alvarez and Golovkin met twice for middleweight supremacy, and both fights were commercial bonanzas.

The September 2017 bout resulted in a controversial draw. One year later, Alvarez defeated Golovkin via majority decision. Four more years later, they could meet a third time, but this time, it would be for all the marbles at 168 pounds.

But first, they have to complete the deal and triumph in their upcoming bouts.

Golovkin (41-1-1, 36 KOs) will fight Ryota Murata in a middleweight title unification in April in Japan. The bout was set for December before COVID-19 restrictions in Japan forced the fight's postponement.

Golovkin, who turns 40 in April, hasn't competed since a December 2020 victory over Kamil Szeremeta. Golovkin would move up one weight class to super middleweight for a third shot at Canelo. Alvarez, on the other hand, would move up to 175 pounds for the Bivol title fight before returning to 168 pounds to defend his championship against Golovkin.

In Alvarez's lone light heavyweight fight, he scored an 11th-round knockout of Sergey Kovalev to capture a title. Against Bivol, a 31-year-old Russian, Alvarez would face a far fresher 175-pounder, and one who is adept at controlling range with his jab.

Before they can finalize the fights, Golovkin will continue to negotiate.