UFC lightweight champion McGregor brought in Malignaggi earlier this year for sparring duties in preparation for the Irishman's clash with Floyd Mayweather on August 26.
However, a well-documented row between the pair led to Malignaggi leaving McGregor's training camp early after pictures of the retired boxer hitting the canvas were released on social media.
Malignaggi, who has called for McGregor to release the full footage of the spar, claims talks are now underway between his advisor Al Haymon and UFC president Dana White about a future showdown.
Should the fight take place, Sky Bet have Malignaggi as their 8/15 favourite, with McGregor 6/4 and the draw 33/1.
"I know Al Haymon's talking to Dana White. If they want the fight, they'll make it," Malignaggi told FightHype.
"I don't need to do all of that because Al Haymon makes anything he wants happen, happen. The only way it doesn't happen if this guy doesn't have any balls.
"This fight will pay him more, this fight will get him more exposure - this fight is a bigger fight than anything else he has. There's no more Mayweather fight, this is the biggest fight there is."
Last week, McGregor's manager Audie Attar insisted the two-weight UFC champion would return to the promotion to defend his lightweight belt, though claimed his next move was not yet determined.
"As it relates to mixed martial arts, I think Conor has been clear that he wants to come back and fight for the UFC. So there is no question that is going to happen," Attar told Sky Sports News.
"Who that is going to be and what is next is still to be determined. We are just starting to talk and explore all the options.
"But Conor is a draw. He does record-breaking gates and pay-per-views."
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