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The 31-year-old undisputed world super-middleweight champion, who is regarded by many as the best pound-for-pound fighter in boxing, was the bookies favourite coming into Saturday night's fight in Las Vegas.
But after stepping up in weight for the bout, Bivol produced the fight of his career to beat Alvarez by unanimous decision (115-113, 115-113, 115-113) and retain the WBA (super) light heavyweight title.
Canelo picked up his second defeat in 61 bouts against the Russian on Saturday night. Of course, the other loss came at the hands of Floyd 'Money' Mayweather, who was quick to let fans know about his latest bet after the fight.
Mayweather decided to throw $10,000 on a Dmitry Bivol win ahead of the title clash and as a result, he claimed $42,500 of winnings from his prediction.
He posted the betting slip on his Instagram page with the caption: "Easy pick up."
After the bout, Alvarez admitted his opponent was the better man on the night.
"You have to accept it, it's boxing," he said. "He's a great champion. Sometimes in boxing you win and lose and I'm not giving excuses. I lost and he won."
When asked if he wanted a rematch, Canelo said: "Yeah, of course I do. This doesn't end like this," before Bivol chipped in: "Let's talk about a rematch. I wanted this fight because I wanted to get the opportunity and I appreciate this opportunity.
"I'm ready for a rematch, I just want to be treated as the champion now."
Bivol added: "I'm glad I proved myself, I'm the best in my division and I keep this belt. He's a great champion, I respect him and all his team.
"If you don't believe in yourself what do you do? You achieve nothing. I believe and my team believed in me.
"I felt his power. You can see on my arm, he beat my arm up but not my head. That's better."
Eddie Hearn was asked post-fight whether the proposed bout with Gennady Golovkin will go ahead, or whether a rematch against Bivol is the priority.
“I think Canelo against Dmitry Bivol (in a rematch) is probably the biggest fight in boxing right now," Hearn said. "But it’s going to be down to Canelo, and obviously we’ll speak to Dmitry and (manager) Vadim (Kornilov), but I can’t see (Canelo) not wanting to accept the challenge.
“I said in the build-up, it’s like Canelo wants to handicap himself and fight these big, great champions to test himself, and tonight it was maybe a bridge too far against a great light heavyweight world champion," Hearn added. "But knowing Saul, I would think he would only want one fight, which is the rematch with Dmitry Bivol.”
Thoughts on the Canelo defeat to Bivol?
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Featured Image Credit: Alamy - Floyd Mayweather/Instagram
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