Eddie Alvarez [Next Fight]: Lightweight Champ Likely To Join UFC After Parting Ways With Bellator? [VIDEO]?

Bellator MMA and lightweight champion Eddie Alvarez have officially parted ways, the promotion announced Tuesday.

"We've granted Eddie his unconditional release. Eddie is free to explore the free-agent market, we hold no matching rights, and we wish him the best in the future," Bellator president Scott Coker said in a statement.

"We sat down with Eddie and his team a few times, and it became pretty clear early on that he just wasn't interested in fighting for Bellator in the future. We want guys in this organization [who] want to be here, and after the history Eddie and the former regime had here at Bellator, we decided to move on.

"We wish Eddie the absolute best of luck with whatever is next for him. It's a new chapter for everyone involved."

The relationship between Alvarez and Bellator has been strained fro the past two years. As a free agent in 2012, Alvarez reached a tentative multi-bout agreement with UFC, but then-Bellator CEO Bjorn Rebney exercised his promotion's right to match UFC's offer.

Afterward, Alvarez took legal action against Bellator MMA, which filed a countersuit. The parties eventually settled their dispute and Alvarez resumed fighting for the promotion.

Alvarez eventually reclaimed the 155-pound title from Michael Chandler in a rematch on Nov. 2, 2013.

"This was a long process but it's a decision that everyone seems happy with. I think it's important to say that I am genuinely thankful for my time at Bellator," said the 30-year-old Alvarez, who is 25-3 as a pro. "I know that sounds a little crazy given everything I went through, but I've fought there since 2009, and have been involved in some really amazing fights.

"The staff there always treated me great, and I'm going to miss seeing a lot of those familiar faces around for sure. Myself and my team had some really good discussions with Scott, but in my heart I knew I was ready to move on and start the next chapter in my career."

Alvarez has not yet stated which promotion he'd now like to compete in, but his unconditional freedom reopens the door to a possible agreement with UFC. Dana White, the UFC president, previously expressed interest in signing Alvarez.