GLENDALE, Ariz. -- Former two-time light heavyweight world titleholder Sergey Kovalev will exercise his contractual right to an immediate rematch with Eleider "Storm" Alvarez, Kovalev manager Egis Klimas told ESPN on Friday night.

Kovalev was in control against Alvarez and ahead 59-55, 59-55 and 58-56 though six rounds before Alvarez badly hurt him with a right hand and dropped him three times in the seventh round for the upset knockout victory on Aug. 4 at the Hard Rock Hotel & Casino in Atlantic City, New Jersey.

Kovalev (32-3-1, 28 KOs) has the right to a rematch, but in the immediate aftermath of the fight his promoter, Kathy Duva of Main Events, said she was not sure what Kovalev would do and wanted to give him some time to think about his decision.

Kovalev has 60 days from the date of the fight to formally notify the Alvarez camp of his intentions about the rematch.

However, Klimas, who is on hand in Glendale, Arizona, because a fighter he manages, junior middleweight prospect Sagadat Rakhmankulov, has a fight on Saturday night's Top Rank on ESPN undercard, said Kovalev has elected to go for the rematch.

"Yes, he wants to have the rematch. There's no other fight that he wants and there is no fight as big for him as the rematch," Klimas said.

Kovalev, 35, a Russia native fighting out of Los Angeles, was making the second defense of his second 175-pound title reign when Montreal's Alvarez (24-0, 12 KOs), 34, upset him.

Kovalev's other loss also came by knockout, in the eighth round of his rematch with now-retired Andre Ward 14 months ago.

According to the terms of agreement, the Alvarez-Kovalev rematch needs to take place by early February.