Canelo's deal is for 11 fights over the next 5 years with subscription video streaming company DAZN, which only launched in the U.S. back in September.
"Canelo is the highest-paid athlete in the world. He's extremely happy," De La Hoya told ESPN.
Of course, Canelo famously battled Floyd Mayweather back in 2013 -- and lost -- but he's gotten a lot better since then.
Canelo's first fight under his new deal will go down on Dec. 15 against Rocky Fielding at Madison Square Garden.
"Being part of this historic deal will require me to prepare myself even more and offer fans even better performances," Canelo told ESPN.
"At the same time, I am humbled to be selected to lead this new vision for the sport of boxing, which will without a doubt be for the benefit of the fans."
FYI ... DAZN is now being led by former ESPN honcho John Skipper. The company has been making a major push when it comes to broadcasting live sports.
This is obviously a huge move for them.