With a whopping 85,000 seats on offer, the fight would be the largest in European UFC history.
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McGregor has not fought for two and a half years since his devastating defeat against Dustin Poirier at UFC 264, in July 2021, when he suffered a badly broken leg.
A comeback bout with Michael Chandler has been in the works for over a year, with the pair having clashed in the most recent season of The Ultimate Fighter.
Despite his time off, the former UFC double-champion remains the biggest draw in the UFC, with a host of competitors keen for a clash.
And now he has been called out for a fight by Ilia Topuria, who initiated the challenge ahead of his UFC featherweight championship fight against Alexander Volkanovski at UFC 298.
Topuria backs himself to beat Volkanovski and has his sights set on a showdown with the Irishman in the Spanish Capital.
He said on The MMA Hour: “Conor McGregor, that’s the fight I’m looking for.
“He has a great fight with Mike Chandler.
“If he doesn’t get his ass whooped, he will be a pleasure to share the Octagon with me.
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“Maybe in UFC Spain. We’re both from Europe, and he will be able to go back home and tell his wife, ‘Baby, take out the red panties. Topuria kept us rich’.”
The Spanish fighter went on to mention the timing of the event, saying: “Of course, it’s going to happen in 2024…
“When? I don’t know, at the end of the year, maybe.
“And where? I hope it’s going to happen in Madrid [at] the Santiago Bernabeu Stadium…
“The stadium is ready to make events.
“You can close the roof. You can [cover the grass].
“They made it especially for events so it would be one of the biggest ticket sales in UFC history.”