Six-times world champion Savon, who outclassed reigning world champion Michael Bennett of the United States in the quarter-finals, beat Germany's Sebastian Kober 14-8 to reach the final yet again.
Ibzagimov beat Georgian Vladimir Tchantouria 19-4. Tchantouria and Kober both get bronze medals.
The Cuban, hoping to equal compatriot Teofilo Stevenson's haul of three Olympic heavyweight golds in a row between 1972 and 1980, started slowly but led the first round 2-1 and did not look back against an opponent who nonetheless held his own.
Kober scored the first point of the bout with a left jab after 49 seconds but that was the only time he was ahead.
The tall Cuban careered backwards into a corner post during the second round after coming out of a clinch off-balance but led that round 9-3.
His coach Alcides Sagarra urged him to keep his distance and to keep it steady, and Savon obeyed orders.
But Kober matched him point for point in the fourth round and Savon left the ring with a small cut under his left eye.
Ibzagimov also led after every round of his fight but was no crowd pleaser, a chorus of "bullshit" going up in the third round after both men grappled and clinched.
Both toppled to the canvas under the weight of their clinch in the second round.
Boxing
