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Masvidal, 35, took on the 35-year-old Diaz in their blockbuster UFC 244 showdown at Madison Square Garden in November 2019.
The 'Stockton Slugger' has intensified speculation over a rematch with Masvidal after recently dropping a custom promo video called 'Round 4.'
Speaking at the UFC 253 post-fight press conference, White claimed that he is unsure if the UFC had even spoken to Diaz about his potential return to the octagon.
The UFC president added that it is "very possible" that Masvidal's next fight will be against Covington.
White explained: "It's very possible [Masivdal vs Covington] is next. [...] I don't know if we've even talked to Nate yet.
"But yeah, after the Colby fight [against Tyron Woodley], how do you not make that fight? That's the fight that makes sense."
The UFC chief didn't dismiss the idea that the Masvidal and Diaz rematch would ever take place, saying that it could be something that happens further down the line.
"The Nate Diaz rematch is going to be there no matter what happens," White said.
The 32-year-old UFC star has shared a heated rivalry with Masvidal and even branded his rival a "journeyman" during an extraordinary rant in July.
Speaking ahead of the Usman fight, 'Gamebred' admitted that he would love to have a rematch with Diaz.
Featured Image Credit: Twitter/PA
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