A spokesman for SCA Promotions says the company will send Armstrong a demand letter on Monday now that Armstrong seven Tour de Fance titles have been revoked.
The U.S. Anti-Doping Agency reported evidence that Armstrong used performance enhancing drugs during all seven of his tour victories.
Armstrong's attorneys have anticipated such a demand. They note that SCA entered a voluntary settlement to pay Armstrong and say the company cannot get its money back.
The company had tried in 2005 not to pay Armstrong because of allegations of doping, but chose to settle.
Earlier Friday, the International Cycling Union Armstrong should return about $4 million in prize money.