McGregor and Nurmagomedov will meet in the main event of the UFC 229 pay-per-view show at T-Mobile Arena, the same spot where Mayweather stopped McGregor in the 10th round of their one-sided prizefight. Nurmagomedov (26-0) won the Lightweight belt in Brooklyn on April 7 by defeating Al Iaquinta via unanimous decision, after McGregor was stripped of it for inactivity.
White, who's experienced frustrating talks with Diaz and his brother, Nick, for more than a decade, said, "Stylistically, it's an incredible fight".
Nurmagomedov was the intended target of McGregor's wrath after a previous spat between the fighters' camps.
Added to the mix is the tempestuous history between the two which saw McGregor attack a bus carrying fighters including Nurmagomedov to a media event at Barclays Center in Brooklyn ahead of UFC 223.
The incident resulted in two felonies filed against McGregor, who ultimately pleaded guilty to a disorderly conduct count last month that kept him out of jail.
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McGregor and Nurmagomedov weren't at the Orpheum Theatre in downtown Los Angeles along with the other headlining fighters of the autumn cards, but the announcement of their bout set off wild cheering among the fans.
He is a formidable challenger for McGregor in a return from a 23-month break from MMA competition.
Nate Diaz made his thoughts on the UFC's Conor McGregor announcement very clear on Friday.
"It's time to roll", Diaz said following his own two-year absence.
McGregor, speaking with TMZ, revealed a deal for his comeback fight was near to completion nearly two years since his last appearance in the octagon.