It did not take long before Wladimir Klitschko decided to exercise the rematch clause which was in the contract of his first fight with Tyson Fury, as he announced through an Instagram post Wednesday that their second bout is in the works and will be in 2016. 

Klitschko, who was unbeaten in 11 years and 22 fights, was stopped last Saturday by Fury, who is now the new heavyweight kingpin after a unanimous decision victory in their fight held in Düsseldorf, Germany. 

Fury was more efficient with his punches and outlanded the long-time champion who really struggled in the fight. 

Along with the announcement for the rematch, Klitschko expressed desire to perform better when he faces Fury again. 

"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," Klitschko said.

The 39-year-old boxer added, "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."

Before Klitschko made the announcement for the rematch, Fury's manager and promoter Mick Hennessy was uncertain if the Ukrainian slugger was ready for another fight after the damage he received in the hands of Fury.

Meanwhile, in a report by BBC Sports, Fury's uncle and trainer Peter, is pleased that Klitschko decided to have a rematch and also said, "We're definitely looking for a stoppage next time out - Tyson only performed to about 60% of his ability. He could have stopped Wlad."

He added that the fight can possibly take place at the Wembley Stadium around May, and after Fury wins again, they will be moving forward to World Boxing Council (WBC) heavyweight champion Deontay Wilder for a unification bout.