Wladimir Klitschko is exercising his contractual right to call for a rematch against Tyson Fury following his defeat in Dusseldorf on Saturday night.
Klitschko lost his WBA Super, WBO and IBF heavyweight titles after suffering a points defeat against the challenger, ending an 11-year, 22-fight unbeaten run in the process.
While the Klitschko camp confirmed after the fight that a rematch clause existed, it was not clear if the Ukranian would take up the option, with some speculating that he might choose to retire.
But Klitschko has vowed to fight on and his management team will now enter talks with Fury's promoter Mick Hennessy in order to arrange a venue and date for the rematch.
Bernd Bronte, chief executive of Klitschko Management Group, said: "There will be a huge worldwide interest in this fight which already can be billed as the fight of the year 2016.
"We received so many questions of fans and journalists after last Saturday. The new champion and his challenger will answer all of them inside the ring."
Klitschko said: "I was really frustrated directly after the fight but after some short nights I now know that I want to show that I am much better than my performance on Saturday.
"I couldn't show my full potential at any time. This is what I want to change in the rematch – and I will. Failure is not an option."