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McMahon stunned the wrestling world on Friday by announcement his immediate retirement from WWE, with his departure coming amid an ongoing investigation into allegations of misconduct against the 76-year-old.
McMahon, who has owned WWE since 1982, will no longer serve as the company's chief executive and chairman.
His daughter, Stephanie McMahon, has been appointed WWE chairwoman on a permanent basis after temporarily moving into the role last month. She will also act as the company's co-chief executive, alongside Nick Khan.
The major changes in the boardroom have led to speculation that a takeover could be launched for the company, with WWE icon Johnson linked with a possible bid.
The 50-year-old has forged a hugely successful acting career outside of the wrestling ring and now has an estimated net worth of around $800m (£666m), according to Celebrity Net Worth.
Forbes estimate Johnson has already earned $270m (£225m) in 2022 thanks to his movie work and various business interests.
But Forbes also estimate that WWE has a current market cap of $4.9bn (£4.08bn), easily pricing Johnson out of a solo bid to buy the company.
However, American wrestling journalist Dave Meltzer has suggested Johnson could be part of consortium bid.
Speaking on Wrestling Observer Radio, Meltzer said: "Dwayne himself does not have the money to buy WWE, nor does anyone, but could he go in there and round up capital? Can they all work together and buy this company together?
"That is an absolutely intriguing possibility."
The Rock's daughter, Simone Johnson, made her promotional debut for the WWE at an NXT event in Florida earlier this month and Meltzer believes her involvement in the company could convince her father to purchase a major stake.
"Dwayne loves pro wrestling, it was his family's business, and his daughter is now in it. This is not some weird fantasy, this is absolutely something that can be viable," said Meltzer.
He added: "Nick Khan and Dwayne Johnson have a relationship, the story is they were childhood friends in Hawaii when they were both very young.
"Nick's sister is the showrunner for Dwayne's TV show, so whatever relationship they had before, the fact is they know each other."
Johnson has not announced any intention to buy a major stake in WWE and for now it remains pure speculation whether he would be willing to be part of a potential consortium.
But with the future of the company so uncertain following McMahon's retirement, don't rule it out.