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Volkanovski became the top dog of the 145lbs division after beating Max Holloway at UFC 245 back in December 2019.
'The Great', who has won all eight of his fights in UFC, will face Holloway again at UFC 251 in a rematch for the title on 'Fight Island' in Abu Dhabi.
But while his focus is on that for now, he has expressed interest in moving up a division and taking on lightweight king Khabib.
"I don't like people chasing other divisions, but (fighting Nurmagomedov) is definitely an option," Volkanovski told The Score.
"Right now, got a belt to defend, and then there's probably going be No. 1 contender (after that). But I mean early next year, if something comes to me, like that fight, I'll have to take it."
The 31-year old acknowledges that Khabib, who is 28-0 in MMA and already one of the best ever to step inside the Octagon, is a formidable opponent and his ground game is unparalleled.
But at the same time, he's confident that he has the skillset to cause 'The Eagle' some seriously trouble and even recover from his takedowns.
"Khabib is one of the GOATs as well. Nothing but respect for the dude," Volkanovski added, as per MMA Mania.
"But I'm very, very hard to hold down. I've obviously got the brains. I've got the cardio. I'm a freak when it comes to holding on the ground; it's just almost impossible holding me on the ground.
"Nothing but respect to all the fighters that are in the UFC, but every single one of us wants to prove something. And you know, eventually, I want to prove myself in that lightweight division too."
The Dagestani fighter is poised to face interim champion Justin Gaethje in a unification bout in September after 'The Highlight' beat Tony Ferguson in impressive fashion at UFC 249.
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