Michael Phelps beats Ryan Lochte in 200m IM, both headed to Rio

Phelps took the race, but both will be headed to the Olympics

Michael Phelps looks ready for his fifth Olympic Games.

The 31-year-old was in top form as he won Friday night's 200m individual medley, besting his longtime teammate and rival Ryan Lochte at the U.S. Olympic Team Trials in Omaha, Nebraska.

In an incredibly close race, Phelps pulled away in the final stretch and finished with a time of 1:55.91. Lochte also qualified for Rio by finishing second with a time of 1:56.22.

What a battle! @MichaelPhelps edges @RyanLochte to WIN the 200 IM Final! #RoadToRiopic.twitter.com/SV2BpVGmIc

— NBC Olympics (@NBCOlympics) July 2, 2016

It's the second win at the trials for Phelps, who finished first in the 200m butterfly on Wednesday. He'll likely compete in the 100m butterfly finals on Saturday, with a chance to qualify for his third individual event.

Michael Phelps qualified for the Olympics in the 200m individual medley. USATSI

It's been a rougher ride for Lochte, an 11-time Olympic medalist who has battled a groin injury throughout the trials. He missed an Olympic spot by finishing third in the 400m individual medley on Sunday, but made the 4x200m freestyle relay team by finishing fourth.

He finished with the best time in the 200m IM semifinals before finishing second to Phelps in the final.

Lochte pulled out of the 100m butterfly semifinals on Friday to focus on the 200m IM.

Phelps, a 22-time Olympic medalist, pulled out of both freestyle races he had originally entered, leaving some doubt as to whether he will be considered for the relay teams.

The swimming trials conclude on Sunday.