McGregor and his lawyer then filed for a judicial review over the penalty assessed, before he met with the Nevada Commission about reaching a settlement on the matter.
Now that McGregor has agreed to the new fine and community service for his penalty, the Irishman is cleared to re-apply for a boxing license in the state of Nevada.
McGregor had previously sought to receive his boxing license in the state, but was denied based on his outstanding debt due to the previous penalty incurred.
Sources told FOX Sports on Wednesday that McGregor is expected to re-apply for the boxing license immediately.
"He has a settlement agreement he's agreed to, so he needs to drop his legal action that he was talking about taking, he needs to pay his fine and pay the lawyer, and then he would be eligible for a boxing license," Nevada State Athletic Commision chairman Anthony Marnell told the media, following McGregor's re-hearing.
"That could happen today or whenever that happens. As long as he's done what he's agreed to, he's probably going to get a boxing license."
Once McGregor applies for his boxing license, which Nevada Commission representatives have already stated he would likely be approved, he's one step closer to making his fight with Floyd Mayweather.
McGregor must have a boxing license in order to face Mayweather in Nevada. While McGregor has been licensed as a mixed martial artist numerous times already, each sport requires a difference license for competition.
"Conor can fight anywhere he wants in the world," Marnell said.
"But in the end of the day, this is Nevada and this is Las Vegas, and every fighter needs to fight in Las Vegas. There's not many fighters who have made a huge career and not come through this town, and I think he wants to fight in Las Vegas."
If McGregor is granted for his boxing license and he reaches an agreement to face Mayweather, the commission would then need to approve the bout. While McGregor has no previous boxing experience, his past fights in mixed martial arts would certainly weigh on the decision from the commission on whether or not to approve the bout.
"They would need to go through all of the same processes that any other event does to have the card approved and the bouts approved," Marnell said.
"I can't tell you that we would approve that fight or not - I would lean to the fact that we most likely would - but we would probably want to go watch McGregor in a little bit of a boxing environment.
"But it's kind of hard to argue. You have one of the best boxers probably of all-time against one of the best strikers in the UFC.
"If that does happen - we're just speculating now - I think it'd be hard not to approve that fight."
Considering McGregor's vast history in MMA, combined with the unprecedented financial gain Nevada would receive for the fight, it's all but a lock that the match-up would gain approval.
At that point, McGregor v Mayweather would be allowed in Nevada. Of course, McGregor receiving his boxing license is just one more hurdle that needs to be cleared for the fight.
More importantly, McGregor and Mayweather need to agree to financial terms for the fight, but the UFC lightweight champion stated just days ago that he was "very close" to inking a deal for the bout.
Sources have told FOX Sports that a proposed date in September is possible for the fight with McGregor v Mayweather likely agreeing to meet at the T-Mobile Arena in Las Vegas.
No deal is done yet, but McGregor and Mayweather appear closer than ever to facing off in what would likely be one of the biggest fights in combat sports history.
