McGregor made his professional boxing debut in 2017, losing to American legend Floyd Mayweather in ten rounds.
And despite the UFC showing no signs of giving the Irishman another exemption to fight outside the promotion, he has teased a boxing return.
Lefty McGregor has studied the losing efforts of southpaws Billy Joe Saunders, 33, and John Ryder, 34, both beaten by Canelo.
And it leaves MMA’s greatest superstar leaving the door open to a bout with boxing’s biggest attraction.
McGregor said: “I saw Ryder, I’m a southpaw, Ryder was a southpaw, Billy Joe was a southpaw, I’ve seen methods, I’ve seen things I’d do.
“I know he’s waining, I’d fight Canelo no f****g problem. Out straight. No problem.”
Canelo, 32, has been promoted by Hearn for the last three years.
But McGregor, 34, joked should he face the Mexican superstar the pie would have to be split down the middle.
He said: “You know the level I’m at, at best co-promote! At best co-promote.”
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McGregor has linked up with Hearn to promote Katie Taylor’s long anticipated homecoming fight.
Taylor, 36, challenges Chantelle Cameron, 32, for the undisputed super-lightweight crown in Ireland’s first boxing event since 2014.
McGregor’s Forged Irish Stout and Tidl recovery spray has sponsored the event and kickstarted a friendship with Hearn.
Speaking at his Black Forge Inn pub, he said: “I love him, he’s clued in, he’s in tune and he’s committed to the fighters and the sport and he’s very, very passionate and you can tell all day.
“It’s great to do business with him, great to be partnered with him, great to be friends with him and that’s it. He’s a top man.”