The Irishman is set to make his return to the Octagon on January 18 in Las Vegas, with a number of potential opponents mooted.
McGregor wants a rematch against undefeated lightweight champion Khabib Nurmagomedov and has also spoken about a trilogy fight with Nate Diaz.
But White thinks he should return with a contest against UFC veteran Cerrone.
White told TMZ: “We have nothing done. Nothing is even close to being done, so I hate to even talk about this stuff and say it because it might not happen.
“It might happen, but we’re looking at Cowboy (Cerrone).
“No3 vs No5, January 18 at the T-Mobile [Arena] in Las Vegas.”