McGregor is on the mend and is eyeing a summer return following his horrific leg-break against Dustin Poirier last summer.
He's hoping to land a UFC title shot upon returning to action, eyeing a fight against 155lbs title holder Oliveira.
That's despite the Brazilian reportedly in line to defend his strap against No.1 contender Justin Gaethje in May.
But the Irishman has advised 'Do Bronx' to sit out until he's back so he can challenge him for UFC gold.
Speaking to Severe MMA via MMA Fighting, he explained: "If your man’s wise, he might give it another month or two.
"July seems OK for me. I can’t say too early, but July, if I’m sparring in April, May, June, July - I could slap the head off of most of these guys at the end of April."
Oliveira, 32, has been on a tear in the lightweight division, reeling off 10 wins in a row - including victories over Michael Chandler and Poirier.
McGregor, meanwhile, is closing in on his Octagon comeback and revealed that he will be able to spar again in April ahead of competing in July.
"April, they said I can spar again and I can box again basically," he said. "So, I’m just going to take it day by day. Hopefully, now, once I get back sparring, I’ll know weight, I’ll know feel, I’ll know my own style. You know what I mean?
"I’m going to develop a different style, I’d imagine, so I’ve been shadowboxing a bit lately and I feel like I’m just getting the bearing of myself.
"But I feel good. I’m grounded on my feet, I can stop and start and take off. It’s just the little twists or a torque, I’ve just got to be careful on.
"But this will be a here today, gone tomorrow type of thing in my own head. The bone will recover, it’ll connect back to itself and it’ll be like it never happened."
Featured Image Credit: PA/Severe MMA
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