Canelo Alvarez and Premier Boxing Champions are discussing a reunion, sources told ESPN, after the sides split last week with two fights remaining on a three-fight deal signed in June.
Alvarez, boxing's top star, is in talks with PBC about a May 4 pay-per-view fight vs. fellow Mexican fighter Jaime Munguia in Las Vegas, sources said.
Alvarez, ESPN's No. 4 pound-for-pound boxer, was lined up for an undisputed super middleweight championship defense against Jermall Charlo in May. However, Alvarez and PBC couldn't agree to terms for the matchup, which allowed him contractually to explore other options.
Alvarez (60-2-2, 39 KOs) discussed a return to streaming service DAZN for bouts against Munguia and Edgar Berlanga this year, but when those talks stalled, the champion returned to the table with PBC, sources said.
Alvarez, 33, is exploring one- and two-fight deals with PBC, sources said. He usually fights on Mexican Independence Day weekend in September, as well.
Alvarez defeated Jermall's twin brother, Jermell Charlo, via unanimous decision in September to retain his undisputed super middleweight championship at the start of his three-fight PBC partnership. When the deal was signed in June, Jermall Charlo was lined up as the first opponent before he ultimately withdrew due to personal matters. Jermell stepped in, while Jermall and Errol Spence Jr. loomed as possibilities for the second and third bouts of the deal. That was before Spence was TKO'd by Terence Crawford in a one-sided beatdown in July, eliminating one viable opponent for Alvarez.
Then in November, Jermall failed to impress in a decision win against Jose Benavidez Jr. The bout was Charlo's first in 29 months. It's a big event any time Alvarez fights, but there's little commercial demand for a matchup with another Charlo after Jermell's listless performance in September.
With an Alvarez-Charlo fight less appealing for May, the door opened for what promises to be a far more lucrative matchup with Munguia. The 27-year-old has steadily improved under the guidance of Hall of Fame trainer Freddie Roach. Munguia, ESPN's No. 4 super middleweight, is coming off a career-best, ninth-round TKO victory over John Ryder in January.
Alvarez has been the sport's top attraction since Floyd Mayweather Jr. retired in 2017. The all-time great's résumé includes a pair of wins over Gennadiy Golovkin and titles in four weight classes. His win over Charlo was preceded by a decision victory over Ryder in May in Mexico. Alvarez scored knockdowns in both fights.
There's also significant public demand for Alvarez to fight rising star David Benavidez.
"Him parting ways with PBC, even though this fight for me and him was on the table ... it just speaks volumes," Benavidez told ESPN last week. "... The reason why this fight is not happening is because Canelo doesn't want it to happen, plain and simple."
PBC's stable is led by star boxer Gervonta Davis, who is set to return vs. Frank Martin this summer. PBC's first event with Amazon's Prime Video will take place March 30 in Las Vegas, a PPV headlined by Tim Tszyu against Keith Thurman.