The two-weight world title holder, who was returning from a semi-retirement and a year out, put the never before floored Chisora on the canvas twice. The Finchley fighter failed to recover from the second knockdown.
Haye, 31, looked in control for most of the bout. He out-classed Chisora having his best success in the third when rocking the Bermondsey man momentarily towards the end of the round.
The first two rounds were more cagey. As a battle, the fight never really opened up the way Haye wanted it to until after Chisora had his best spell.
The ‘Hayemaker’ took full advantage of Chisora’s weaker defence from the fourth round.
Signs were there for the former WBA champion that Chisora was more open and in the fifth. Aith a sweet left-right combination, ‘Del Boy’ hit the canvas for the first time in his career.
Haye has never been one to allow an opponent recovery time and immediately sensed the end. He swung wildly at Chisora before eventually hanging back and picking his moment.
At that second, he unleashed a three-punch barrage the put the underdog down heavily.
An unsteady Chisora was up at eight, although was clearly distressed. Referee Luis Pabon decided enough was enough, and rightly so, to end the contest at 2:59 of round number five.
Another world title shot could now beckon for Haye, who wants the chance to redeem himself against a Klitschko brother after taking out Chisora seven rounds earlier than WBC title holder Vitali.
In the aftermath, he admitted that he may never get the chance.