Alistair Overeem’s heavyweight dream in tatters as 40-year-old is knocked out by Alexander Volkov at UFC Fight Night in Las Vegas

UFC star Alistair Overeem's dreams of dominating the heavyweight division went up in smoke when the 40-year-old was knocked out by Alexander Volkov on Saturday night.

Russian bruiser Volkov was at his blistering best as he dominated Overeem from the opening bell before stopping him in the second minute of the second round in Las Vegas.

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Overeem, who has established himself as a UFC fan favourite, never had a chance in the octagon and was stalked from the opening moments.

The former K1 World Grand Prix champion was hurt by a hard jab before Volkov sealed the knockout with a devastating hook.

Overeem fell to the floor and referee Jason Herzog stopped the bout to deal Volkov the biggest win of his career.

Volkov, who was ranked the No.6 MMA star in the world before the bout, will now likely move into the top five following the victory.

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"It's my time," the 32-year-old said in his post-fight interview.

"For sure, I want to fight for the belt. But we'll see. We have some good fights in the future at heavyweight.

"We'll see how it finishes and what will be my place, but I surely want a title shot."

Although Volkov was the co-main event of the evening and picked up a $50,000 performance bonus, Cory Sandhagen stole the show with a flying knee knockout of ex-lightweight champ Frankie Edgar in 28 seconds.