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Diaz has one fight left on his current UFC contract, with White working on his next and potentially final Octagon outing.
The Stockton slugger, whose become one of the biggest names in the sport over the past few years, has since been sensationally linked with a boxing bout against Jake Paul.
The 36-year-old could free himself up to fight the YouTuber-turned-boxer in the future if he does leave the UFC.
The UFC president has reacted to the Diaz exit rumours and appeared to aim a subtle dig.
On the fighter's future with the premier MMA organisation, White said: "That's up to him. That's a decision he needs to make.
"Listen, for a lot of these guys... there's no secret about it. If you believe that you are one of the best in the world, and if you believe that you can win a world title here, or hang with the top five, then this is where you should be."
He added: "The minute you start doubting that that's the case, you gotta start looking at other options. There's tons of other places where you can go fight and where you can make a lot of money.
"A lot of these guys, once they've built and established their name here, move on to these other promotions and make crazy money. And good for them. That's just how it works.
"As far as Nate Diaz goes, I don't know where Nate feels he is right now and what he feels his future could be if he signed another four or five-fight deal here.
Dana White on Nate Diaz's future beyond his next bout: "If you believe that you are one of the best in the world and you believe that you can win a world title here or hang with the top-5, then this is where you should be."- Aaron Br:jack_o_lantern:nsteter (@aaronbronsteter) October 25, 2021
Full interview: https://t.co/W2lencCYzp pic.twitter.com/J66up5VGQV
Diaz hasn't fought since his defeat to Leon Edwards at UFC 263 last June.
He's on a two-fight losing skid having also lost to Jorge Masvidal back in November 2019.
UFC are looking to book Diaz in a fight, with a showdown against Paul mooted.
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