Chagaev (23-0-1) pounded out a decision to take the title from the 7-foot Russian.

Klaus-Peter Kohl, who has the Uzbek champion under contract, won the bidding Monday to stage the bout over German rival Sauerland Promotions and American promoter Don King.

Kohl paid US$4.4 million for the fight, planned for Oberhausen, Germany.

Valuev (48-1) earned his rematch in February with a lopsided decision against former WBO champion Sergei Liakhovich.