Ruiz scored a seventh round TKO victory over Joshua in New York last weekend to win the WBA, WBO and IBF belts and grab control of an increasingly heated division that includes resurgent Kiwi Joseph Parker, still the only fighter to have beaten Ruiz.
There is a rematch clause and Joshua's stunned boss Eddie Hearn immediately looked to invoke that, calling for a sequel in Britain in November-December.
But Ruiz wants to cash in on his status as Mexico's first world champion in the glamour heavyweight division and has raised the idea of a home bout.
"I'd love to do the rematch but first I've got to talk to my team, we'll go from there and figure things out," Ruiz told Sky Sports UK.
"I'd love to be in Mexico, there's never been a heavyweight champion in Mexico so I'd love to have a rematch there."
It wasn't just the result but the brutality of it that has rocked the rankings with Ruiz putting Joshua on the canvas four times before the referee eventually waved the fight off.
Ruiz recalled the dramatic third round where he was dropped by Joshua but rebounded in ruthless fashion to deck the big Brit twice with Joshua saved by the bell to live another four rounds.
"It made me a little hungrier as I had never been on the canvas, I took a little breathe and knew I just had to return the favour," Californian-based Ruiz said.
He knew he had done enough to finish Joshua in the seventh as his relentless attack gathered pace.
"Even if the referee didn't stop it, I saw his [Joshua's] legs, his body was tired and shaking, I think I would've ended it in a dramatic way," Ruiz told Sky Sports.
"I'm still pinching myself that this is true, all that hard work and dedication, I've made my dreams come true.
"We've been working for this my whole life, it's overwhelming and I'm just excited."
Joshua is eager for the rematch.
"He's the champ for now. Just put that in mind, he's the champ for now. I shall return. I've got to bounce back. This is all part of the story and the journey," Joshua said.
"I've got to get that solid armoury. This is the risk we take, but we'll bounce back."
Hearn will need to move quickly to arrange a rematch and head off some mandatory defences Ruiz now has in front of him with rugged Bulgarian Kubrat Pulev due a shot at the IBF belt and the WBO belt also due for attention.
Joshua, who must now come up with a new game plan to counter the fast hands and come-forward style of Ruiz, swiped away suggestions he may need a warmup fight in the meantime.
Joshua, who hadn't fought for nine months before taking on Ruiz, a late replacement for drug-tainted American Jarrell Miller, reacted angrily at talk of him needing a fight ahead of the sequel.
"What's a warm-up fight? Like, f*****g … like, what do you mean a warm-up fight?
"It's what I do, I don't fight warm-ups, bro. I'm down to scrap. No warm-up. That'd be stupid. No way."