Pacquiao's now former manager Sean Gibbons hyped the possibility of the two meeting in a new stadium being built in Las Vegas to house the NFL's Raiders.
Asked about the match-up, McGregor - who fought Floyd Mayweather in the only professional boxing bout of his career in 2017 - welcomed the idea.
"I always want bigger and better and to reach for the stars", McGregor continued.
"I would love a rematch with Floyd Mayweather and I know the Manny one is there whenever I want it.
"I would be honoured and love to be the first combatant to fight in that arena and what a fight that would be against a small and powerful southpaw.
"We would have to figure out the weight we do it at, but it interests me no doubt."
The fight makes sense for both men because outside of a rematch for either of them with Mayweather, it's likely the most money they can make.
Pacquiao is still a star at 41 and is on a three-fight winning streak after responding to a controversial defeat against Australia's Jeff Horn by knocking out Lucas Matthysse and outpointing Adrien Broner and Keith Thurman.
McGregor spoke last month about his desire to win a boxing world title and Pacquiao has one to put on the table - the WBA welterweight strap.
But getting down to the 147-pound limit required could prove a challenge to McGregor, who weighed 170 pounds against Donald Cerrone at UFC 246 and hasn't fought below 155 pounds since 2015.
McGregor would also need the permission and potential involvement of his UFC bosses.
Dana White is deadset on the 31-year-old's next fight coming against Khabib Nurmagomedov in a rematch of their lightweight title bout.
But the Dagestani has a defence against Tony Ferguson in April followed by Ramadan, forcing McGregor into a long wait which could be filled with a boxing venture.
