Sources: Canelo-Paul in works; Crawford bout off

Canelo Alvarez and Jake Paul are in the process of finalizing a deal for a May 3 cruiserweight fight at T-Mobile Arena in Las Vegas, sources told ESPN on Thursday.

In the wake of this new bout, Turki Alalshikh, the chairman of Saudi Arabia's General Entertainment Authority, is suspending efforts to finalize contracts for an Alvarez vs. Terence Crawford bout in September, sources said. Alalshikh had offered Alvarez a lucrative three-fight deal that would have started with the Crawford fight, sources said.

Instead, Alalshikh will look to make a fight between Crawford and IBF welterweight titleholder Jaron "Boots" Ennis later this year, according to sources.

The Alvarez-Paul fight would be contested at the cruiserweight limit of 200 pounds, sources said, and was expected to be streamed on Netflix.

Alvarez, boxing's top star, is the unified champion at 168 pounds and is a former 175-pound champion. Paul, a social-media-star-turned-boxer, has yet to face a world-class boxer and is now prepared to do so at the highest level.

Paul, 28, is one of boxing's top attractions despite his novice skill level. His November matchup with 58-year-old Mike Tyson, a bout Paul won via eight-round decision, peaked at a staggering 64 million concurrent streams on Netflix.

That event was staged in Arlington, Texas, at the home of the Dallas Cowboys and produced an $18.1 million gate.

This development of a fight with Paul comes days after ESPN reported that Alvarez and Terence Crawford were finalizing a deal for a September bout at 168 pounds at Allegiant Stadium in Las Vegas. Mexico's Alvarez typically fights twice a year on Cinco de Mayo weekend and Mexican Independence Day weekend in September.

"When I'm done with boxing [at the top level)], why not?" Alvarez told the "Full Send Podcast" in November when asked about the possibility of fighting Paul. "Yes, maybe. I think it's good because it attracts fans who don't normally watch boxing. They know Jake Paul, but they don't know anything about boxing."