The 26-year old suffered a fourth defeat in her last six fights in the opening bout at UFC 251 on 'Fight Island' in Abu Dhabi, tapping out to an ambar from Amanda Ribas just two minutes and 21 seconds into the first round.
It was the final bout on VanZant's current UFC contract and after she recently complained about her pay packet with the company, UFC president White did not mince his words.
Speaking in his post-fight press conference, White said: "I like Paige. It's like [Curtis] Blaydes when Blaydes fought. When you talk all that stuff, 'I'm not being paid enough,' and you're fighting inconsistently, one time in the last year, (suffering) injuries, and then got smoked in the first round of the fight?
"She should definitely test free agency."
Having burst onto the scene as a 20-year old, winning her first three UFC fights, VanZant's popularity and marketability has soared.
Amassing 2.6 million Instagram followers, she's already talked about making more money from the social media app than she has for her fights.
VanZant has also modelled for both Sports Illustrated and Nike, as well as appearing in Dancing with the Stars - and will likely have plenty of other opportunities come her way if she decides to call time on her MMA career.
After her most recent loss, she took to Instagram to congratulate her opponent Ribas and pledged to "rise up".
She wrote: "Congrats to Amanda on such an amazing performance. It was truly an honor to share the Octagon with you. As for me, I will rise up as I always do. I can't wait to see where God takes me next. - PVZ"
Subscribe to Fight Pass, where you'll get access to every UFC fight ever, plus behind the scenes exclusives and original content that can't be found anywhere else.
- Nate Diaz 'Stockton Slapping' UFC president Dana White will never, ever get old
- Dana White announces blockbuster UFC fight between Conor McGregor vs. Michael Chandler
- Dana White Spotted Watching Canelo Fight After 'Zoning Out Halfway Through' UFC 274 Bout
- Logan Paul teases 'major announcement' with the UFC, fans are split