In what has been described as a massive coup for boxing fans, the deal will allow those interested in watching the fight to pay substantially less for a subscription service, rather than forking out pay-per-view fees.
Golovkin, who was also with HBO, has not agreed a deal with a new US TV network yet and his move could signal how likely he is to have a third fight with Alvarez in the near future.
His last bout - a win in a rematch with Gennady Golovkin on 15 September - generated HBO an estimated $121m (£92m).
Instead of pay-per-views for his fights, fans in America and other selected regions (not the UK), will get to watch his fights for £7 a month.
"This is only from my hard work", said Alvarez, speaking to ESPN after signing the contract. "The most important thing to me was being able to give the fans the opportunity to see me fight without having to pay the US$70 or US$80 for my fights on pay-per-view".
The Mexican, who holds the WBA and WBC world middleweight titles, has signed a five-year, 11-fight deal that could be the most lucrative in sports history.
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The deal begins on December 15 as Alvarez takes on Liverpool's Rocky Fielding for the WBA regular super-middleweight belt. "Forget about what the price is, the amount of money that we're making".
"I've always liked a challenge, and this is yet another challenger in my career", Alvarez said in a statement. My dream has been to make boxing a sport for all.
The DAZN-Golden Boy deal includes a large production element, which places Oscar De La Hoya as Executive Producer of the 12 live fight nights annually.
They also broadcast the exciting World Boxing Super Series tournament in the US. DAZN made a big splash over the summer by signing promoter Eddie Hearn of Matchroom Sport, with a stable including unified heavyweight champion Anthony Joshua, to an eight-year, $1 billion deal. He said Alvarez's last three fights generated 3.6 million buys and almost a quarter of a billion dollars, making him someone who can be transformative to a subscription service focused largely - at least for now - on combat sports.
Promoter De La Hoya told ESPN: "Canelo is the highest-paid athlete in the world".