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Paul, 24, is set to go up against UFC welterweight Askren, 36, in a 17 April pay-per-view fight, which will take place at the Mercedes-Benz Arena in Atlanta.
And it seems Paul has an unlikely supporter in the 49-year-old rapper, who took to Instagram to raise the stakes after White claimed he'd be prepared to wager $1m (£718,000) on Paul losing.
In an Instagram video, Snoop said: "Hey Dana White, I see you got faith in your boy, right? Going up against my guy, Jake.
"You say you got a million? You're the CEO of UFC, man. You've got more than a million. Put up two - put up two million and we'll match it."
He continued: "Come on Dana, what you waiting on?
"Your money good. Yeah, I got Jake. Fight night. That's my guy, that's my dog in the fight. Two million. Holla at me, Dana White."
White had appeared on Hotboxin' with Mike Tyson, where he scoffed at Paul's chances in the upcoming boxing match against the retired UFC fighter.
"Let's be honest, Jake Paul isn't a f***ing boxer," White said.
"This guy's a f***ing YouTube kid."
He continued: "I hope you can bet on this thing, cause I'll bet a million dollars that he loses this f***ing fight.
"Bet a million dollars that he loses this fight. I hope we can bet on this."
White seemed to have more positive words to say about Askren, who he said was a 'real good' fighter.
"The kid that he's going to fight is a wrestler," he said.
"A real good wrestler, decorated wrestler, but he's actually fought real guys. He's been a world champion in other organizations."
The clip eventually caught up with Paul, who then responded on Instagram.
Posting a video of him reacting to White's comments, Paul - who has a 2-0 professional boxing record - wrote in the caption: "Dana let's double the bet up! $2 million.
"We wire the money into escrow. $4 million total. Winner takes all.
"My team will be in touch to make a contract. After I knockout Ben, we can set up Jake Paul Vs. Dana White 2021 since you consider yourself a 'Boxer' and me a 'YouTuber'."
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