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JAKE PAUL was on the verge of a sensational deal to fight Canelo Alvarez – but it was KO’d after a dramatic turn of events overnight.The YouTuber-turned-boxer and Mexican great were poised to this week announce a shock May 3 bout in Las Vegas.Jake Paul was close to agreeing a fight with Canelo AlvarezCredit: GettyCanelo walked away from a deal to fight Jake PaulCredit: APBut Canelo walked away just days beforehand to instead sign a deal with Turki Alalshikh – Saudi Arabia’s powerful boxing powerbroker.It brought an end to one of the most remarkable 24 hours in boxing. A mega-fight even rival promoter Eddie Hearn claimed was worth $200MILLION went up in smoke following a five minute phone call. And SunSport is here to reveal exactly what transpired over three months of talks between the two camps.READ MORE IN BOXINGIt all started in December, one month after Paul beat Mike Tyson in their controversial clash on Netflix.Outrage surrounded the fight as Tyson returned at 58 for his first professionally-sanctioned bout in 20 YEARS.He had only faced Roy Jones Jr – aged 54 at the time – in an exhibition four years earlier – which was nothing more of a glorified sparring session.Nevertheless, over 100 MILLION tuned in on Netflix – causing the streaming service to collapse.Most read in BoxingCASINO SPECIAL – BEST CASINO BONUSES FROM £10 DEPOSITSAnd over 70,000 fans turned up at the Dallas Cowboys’ stadium in Texas – banking £14.5m in ticket sales alone.This caught the attention of Canelo – who managed to generate £7.2m in the same stadium for his 2021 win over Billy Joe Saunders.Jake Paul brands Canelo Alvarez ‘an owned slave’ in social media rant after dramatic collapse of their $200m fight dealPaul and his team – looking to match the commercial success of their event with Iron Mike – reached out to Canelo’s camp for talks in December.Alvarez – managed by his trainer Eddy Reynoso – left negotiations in the hands of Al Haymon of Premier Boxing Champions.Canelo has worked with Oscar de la Hoya and Hearn previously but his last three bouts had been with PBC – and he wanted to keep it that way.Talks between the opposing camps progressed into January.And while a verbal agreement for Canelo to face Jake Paul in his next fight was struck – nothing had been officially signed.The bout would be at the 200lb cruiserweight limit with the T-Mobile Arena in Vegas already booked – targeted for Netflix – over 12 rounds.According to a social media post from Paul’s promotional partner Nakisa Bidarian – Canelo’s team initially suggested a 190lb catchweight contest.But Bidarian argued allowing Paul to fight at the 14st 4lb cruiserweight limit of 200lb would garner more public interest.’THIS WASN’T A COINCIDENCE’After all, size was the only thing on paper in the celebrity’s favour.Canelo – a champion in four weights from 154lb up to 175lb – has been called out by prankster-gone-prizefighter Paul since as early as 2021.But the ex-undisputed super-middleweight king always laughed it off as nothing more than nonsense from the former Disney Channel actor. That was until recently, when Canelo and his team began to open the door to the idea.This wasn’t a coincidence. There was a strategic plan in place for Canelo to begin publicly considering the idea of fighting Paul.That way fans would start to recognise that the previously impossible bout was no longer just a wild fantasy of Paul’s.By the new year it looked as though a deal was edging closer – all while Canelo travelled to London for a glitzy Ring Magazine event.CANELO’S CHANGE OF MIND In the midst of talks with Paul’s camp, Canelo was also looking to a September super-fight against unbeaten American Terence Crawford.Alalshikh – who purchased The Ring Magazine from De la Hoya – had proposed a three-bout deal with Canelo.But Alvarez’s regular Cinco de Mayo fight date – held over Mexico’s annual celebration in May – was yet to be finalised.Paul was to fill that space with Crawford taking the September date over Mexican Independence Weekend.Canelo later returned home from the capital having held talks with Alalshikh over the Crawford fight.And it seemed business with Paul and Alalshikh’s Riyadh Season was being dealt with separately – and would not interfere with each other.That was all about to change.By early February, Canelo and Paul were close to being able to announce the Sin City blockbuster.But then, Canelo had a sudden change of mind. He informed Paul’s team that he no longer wanted the bout on Netflix – he felt it was too big not to be on PPV.PBC are in their first year with Amazon Prime – who also have a box office platform.But Paul and his team stood firm. In their eyes the fight was only ever heading to Netflix.They had already conceded that Canelo would get A-side treatment.That included having his name first on the poster while walking to the ring and having his name announced after Paul. As discussions continued about the fight being on PPV or Netflix – Alalshikh entered the frame with an ultimatum.Either Canelo walks away from a deal with Paul or the Crawford fight – and any other subsequent follow up bouts – were off the table.WHAT HAPPENS NOW? Alalshikh felt Canelo – still 34 and with four more years planned in the sport – could take a novelty payday against Paul at a later stage.And he thought the fight – which most would deem farcical – only served to diminish the magnitude of Canelo versus Crawford.So Alalshikh phoned up Canelo – and claimed he needed just five minutes to complete one of boxing’s most dramatic U-turns.He offered a new bumper four-bout deal – starting on May 4 in Saudi – progressing into September against Crawford and then two fights in 2026.But Canelo would have to forfeit his clash with Paul – something that he appeared to do at the drop of a hat. It was quickly announced that Canelo was now fighting William Skull, 32, on the morning of Sunday May 4 in Riyadh. That would cater to prime-time Saturday night viewing in America.And it will be for the undisputed super-middleweight world titles – after Skull inherited the IBF version Canelo had to vacate.A win for Canelo also gives Crawford, 37, the chance to challenge for all four 168lb titles at the Las Vegas Raiders’ 65,000-seat stadium.READ MORE SUN STORIESPaul – beaten only by Tommy Fury in 2023 – meanwhile went back to the drawing board and is gearing up to announce his next opponent.But there is still hope talks with Canelo can be revisited – perhaps with the fight now bigger than ever after the fiasco that so publicly transpired. Turki Alalshikh with CaneloCredit: InstagramJake Paul in training for his next fightCredit: Instagram More