Would Canelo Alvarez actually fight Jake Paul in a boxing match? Apparently, he’s at least thinking about it.

According to multiple sources, including longtime boxing insider Dan Rafael, the Mexican icon and YouTuber-turned-boxer have engaged in “some level of discussion” about a fight in May during Cinco de Mayo weekend.

It would most likely happen on May 3 in Las Vegas. Rafael and other industry sources have suggested the fight is under consideration, though no formal deal has been reached.

Canelo is committed to his traditional May and September fight schedule, and he already has an agreement in place to fight Terence Crawford in September. That fight wouldn’t be affected by a potential clash with Paul.

The bout with Crawford is reportedly set for Allegiant Stadium, a venue that could also make sense for a high-profile event like Canelo-Paul.

What’s unclear is whether this fight would be an exhibition or a sanctioned bout, as Paul competes at cruiserweight, while Canelo has never fought above light heavyweight. While Paul is not Puerto Rican, he lives in Puerto Rico and goes by the nickname El Gallo Dorado.

There is some belief amongst those I’ve consulted with in the industry that this fight could be marketed around the historic Mexican-Puerto Rican boxing rivalry. If that angle is used, it would likely to draw mixed reactions from fighters and native Puerto Ricans.

However, Paul has consistently generated controversy ahead of his fights—including his November showdown with Mike Tyson. Controversy has proven to be a potent ingredient in Paul’s winning formula and drawing power.

Canelo will also face criticism if this fight comes to fruition. Many will call out his unwillingness to face top contenders like David Benavidez and IBF champion William Scull, instead opting to fight a vastly inexperienced Paul and a seemingly undersized Crawford.

That said, Canelo’s decision-making is hard to fault from a business standpoint. If both fights happen, he’ll secure back-to-back paydays likely more lucrative than any other matchups in his illustrious career.

Paul has his share of detractors, but he’s a proven needle mover, and a fight with Canelo would be by far the biggest challenge he’s accepted since turning professional in November 2020.

There was speculation about Paul fighting Conor McGregor, but multiple obstacles stand in the way. McGregor remains under contract with the UFC, and concerns over his fitness for any competition persist.

In recent weeks, McGregor has been erratic on social media and concerning in public, with footage surfacing of the former two-division UFC champion spitting in a fan’s face. He also recently posted a racist rant targeting rival Khabib Nurmagomedov and his family.

If Paul-McGregor was ever seriously considered, that ship has likely sailed for now. Few believe McGregor is in the right condition to prepare for such a fight. Pivoting to Canelo is a smarter move—at least from a dependability standpoint.

Competitively, Paul would be a massive underdog against Canelo. But financially, if he was ever going to risk facing an elite boxer, this is the fight to take.

Love it or hate it, Canelo-Paul would be the biggest combat sports event of 2025.