Cavendish finished second in the event in 2016 and the following year, alongside Bradley Wiggins and Peter Kennaugh respectively.
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This year he will face long time sprint rival Elia Viviani, who is competing at the event for the first time.
The two memorably clashed in the 2016 Olympics in Rio when Cavendish crashed into the Italian during the 40km points race in the omnium, though 'Il Veggente' recovered to pip the Manx Missile to the gold medal.
The English rider, who is leading Team Dimension Data in the Deutschland Tour this week, is happy to be facing his rival once more.
"He is a quality athlete and we have always enjoyed a healthy rivalry, let's hope we give the fans something exciting to watch," Cavendish said.
It has been a tough season on the road for Cavendish who has had to endure injury and was then not selected to take part at the Tour de France.
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As well as London, the 2019/20 series will also visit Berlin and culminate in Brisbane.
Cavendish feels the proximity of the Tokyo Olympics series will give the series an extra-special dimension this year.
"It allows another opportunity to prepare for 2020 in the most competitive arena, against some of the best riders in the world," Cavendish said.