Dana White claimed talks had taken place between the two over a possible deal to fight in the Octagon.
The UFC president seemed confident in his statement and it led to fans getting excited about another mega clash between Mayweather and McGregor.
But the former, who won 15-time world titles across five weight classes, has insisted the fight will not happen.
“That’s not what I said,” Mayweather said.
“Exactly what I said is this, if I made a billion dollars before, I could do it again.
“If I chose to get in the UFC and fight three fights or fight four fights and then fight Conor McGregor, I could make a billion dollars, which I can.
“I can do it in three fights or even four fights, I could make a billion dollars if I choose to get into the Octagon and fight.
“We just don’t know what the future holds for Floyd Mayweather,” he continued.
“I don’t look forward to getting back in a boxing ring. That’s what I don’t look forward to doing.
“I’m just saying I could — I’m not doing it — but I’m saying what I could do to make a billion dollars quick if I wanted to do that. That’s what I was saying.”
And moments after Mayweather’s comments were published, McGregor seemingly responded in a brutal manner with fans taking his statement as directed at the boxing legend.
He simple wrote: “P***y”
McGregor’s future remains uncertain as he is yet to return to UFC since losing to Mayweather.