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Published 08:14 24 Aug 2016 BST
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And the Irishman is favoured over both those fighters, with MMA betting line website BestFightOdds.com outlining the opening odds.
McGregor is considered a favourite over both Aldo and Alvarez, at just longer than 8/15, according to the early lines.
Another option, albeit less likely, would be the immediate realisation of a trilogy with Diaz.
While UFC president Dana White is adamant that that fight is not what's next in store for McGregor, it remains a possibility and if it's possible, odds exist for it.
BestFightOdds show that that McGregor is understandably a favourite in a third outing with Diaz, coming in at slightly shorter than 8/15.
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