The heavyweight boxers were holidaying on the island when they crossed paths. Chisora extended his hand to the world champion who pulled him close and said: 'We've got unfinished business.'
The fighters squared up to each other and exchanged words before bouncers stepped in to diffuse the row.
Clash: Boxers Dereck Chisora (above) and Wladimir Klitschko came face to face in an Ibiza nightclub
Holidaying: Wladimir Klitschko carried on to Formentera after clashing with Chisora in Ibiza
Chisora, 29, lost a unanimous decision to the WBC champion before brawling with David Haye at the post-fight press conference.
But the Brit has since bounced back, becoming the first man to defeat American Malik Scott at Wembley earlier this month.
Previous: Chisora spat water at Klitschko before his fight with the Ukrainian's brother Vitali in Munich
Klitschko, meanwhile, defends his titles against Alexander Povetkin in Moscow on October 5.
Chisora's trainer Don Charles said: 'They have history but it was purely a coincidence that they bumped into each other during their holidays.'