Canelo Alvarez and Gennady Golovkin squared off in Microsoft Square in Los Angeles on Tuesday evening.

The duo formally announced their highly-anticipated rematch for the middleweight world title, which will take place at the T-Mobile Arena in Las Vegas on Cinco de Mayo — May 5 — during the event in front of thousands of fans.

Alvarez and Golovkin met in the ring for the first time last September, a fight that was controversially called a draw after going to the judges' scorecards.

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Canelo Alvarez (left) and Gennady Golovkin (right) squared off on Tuesday evening

The two boxers will face off in a highly anticipated rematch on March 5 in Las Vegas

Alvarez was the only one of the two fighters to suggest that he would knock the other out

Meanwhile, Golovkin insisted he wanted the fight to be fair after the previous controversy

Judge Don Trella called it an even fight (114-114), Dave Moretti had it as a 115-113 win for Golovkin, while Adalaide Byrd was criticised for scoring the competitive fight at 118-110 for Alvarez.

And both insisted it would not go to the judges again. But it was only Alvarez who predicted a knockout during the rematch.

He said: 'I'm not afraid of nobody, and I've shown that. The first time, they were saying he was gonna knock me out and I wouldn't fight him. And look, here we are again.

'There's a saying in Mexico – a parrot's green anywhere he goes. I'm not afraid of him. I'm gonna knock him out.

Alvarez said he was not afraid of anybody before predicting a knock out in the second fight

The two boxers speak during the huge event in Los Angeles in front of thousands of fans

'I respect him. He has a good punch, but nothing out of this world.'

Golovkin, who was dressed in a snazzy purple suit for the meeting in Los Angeles, slammed the judging from the first fight.

'I'm always for fairness,' Golovkin said. 'This first fight didn't have any fairness. This type of judging is what's hurting boxing.'

He also criticised the commentary during that September encounter: 'What I saw inside the ring, and what I heard from the ringside commentary, it did not match up.

Golovkin holds the microphone while sat behind the pair's collection of title belts

'I was disappointed in that. What I watched did not match what I heard. What it seems to me is stats and the commentary didn't match.

'Commentators are entitled to their own opinions. It's not bad for me, but it's bad for the sport. I think I won. The stats prove it and the HBO expert [Lederman] thought I won.

'And the fans thought I won. I wasn't the one getting booed when I walked out [of the ring].'

Golovkin also complained about the quality of the commentary from the first fight

The first fight in September went to the judges but ended with a controversial result

But there was nothing but respect between the pair during the event on Tuesday evening