Canelo Alvarez and Jaime Munguia are finalizing a deal for a May 4 fight in Las Vegas for Alvarez's undisputed super middleweight championship, sources told ESPN.

It's a one-fight deal for Alvarez and PBC, sources said, after the sides parted ways last week with two bouts remaining on a three-fight deal signed last June.

It's a coup for PBC to welcome Alvarez, boxing's top star, back into the fold for its second pay-per-view offering as part of its new partnership with Amazon's Prime Video. DAZN, the streaming service that has an exclusive deal with Golden Boy Promotions, will also carry the event, sources said.

Munguia's last 12 fights were streamed by DAZN. The 27-year-old Mexican has been co-promoted by Zanfer and Golden Boy.

Munguia (43-0, 34 KOs) is coming off a career-best win, a ninth-round TKO victory over John Ryder in January. He's steadily improved under the guidance of Hall of Fame trainer Freddie Roach. And now, Munguia will represent Alvarez's first Mexican opponent since Julio Cesar Chavez Jr., in 2017. He's rated No. 4 by ESPN at 168 pounds.

Alvarez, ESPN's No. 4 pound-for-pound boxer, was lined up for a 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 DAZN for bouts with Munguia and Edgar Berlanga this year, but when those talks stalled, the champion returned to the table with PBC, sources said.

Alvarez, 33, plans to fight on Mexican Independence Day Weekend in September as well.

Canelo defeated Jermall's twin brother, Jermell Charlo, via unanimous decision in September to retain his undisputed super middleweight championship to kick off the 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 TKOed 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 anytime Alvarez fights, but there was 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. Alvarez has been the sport's top attraction since Floyd Mayweather 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.

The biggest fight out there for Alvarez remains a matchup against rising star David Benavidez.

"The reason why this fight is not happening is because Canelo doesn't want it to happen, plain and simple," Benavidez told ESPN last week.

PBC's stable also includes 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 Keith Thurman vs. Tim Tszyu.