Benavidez has wanted to fight Canelo for years. The chance seemed closest after Canelo beat Jermell Charlo. But now, Benavidez has moved up to light heavyweight.
Sampson Lewkowicz, Benavidez's promoter, got the offer before Canelo's fight with Jaime Munguia. Benavidez said yes to the deal, but he never heard back after that.
"He pays the guys a flat fee, they had offered me 5 million dollars, I said cool. Sampson Lewkowicz called us before the [Jaime] Munguia fight and said would you be willing to fight a flat fee of 5 million dollars, no pay-per-view. I said yes."
Benavidez thinks the offer was a test. He believes they expected him to say no because the amount was too low.
"We had agreed then we never heard back. They were calling the bait out. They wanted to see if I said yes or no. I think they thought I was going to say 'no I'm not going to fight for 5 million dollars, this fight is worth way more.' I called the bluff."
Benavidez still wants the fight with Canelo. He thinks it's bound to happen and could be the biggest fight in boxing.
"I said yes and that was the last time we ever heard about that fight. This fight is inevitable, everybody is asking for it. It's the biggest fight that can possibly be made. I'm not scared of Canelo. I feel like I can beat him."
Benavidez believes he's a tough match for Canelo. He pointed out that Canelo rarely mentioned him when talking about potential fights.
"I always knew I was a problem for him because I was never at the forefront when he mentioned fights. I knew one day people would ask for that fight. They offered him 70 million to fight me, that's before pay-per-view."
Right now, Benavidez has other things on his mind. He's fighting David Morrell this weekend. If he wins, he'll be first in line for a shot at the undisputed title. That title will be decided later this month when Artur Beterbiev and Dmitry Bivol have their rematch.
Benavidez shared these details in a talk with All The Smoke Fight. He's still hoping for that big fight with Canelo, but for now, he's focused on his upcoming match.