The big question ... will it be against Nate Diaz?!

39-year-old Masvidal was recently spotted outside a restaurant in Miami, when he was asked about a scrap with the 38-year-old former UFC superstar.

"I can't deny or confirm any rumors right now, but someone is getting merked early, early, early this year. I can't say the date or nothing, but I've been busting my ass," Masvidal said of his comeback, and reports he'll face Nate.

Of course, Gamebred retired in April 2023 after a loss to Gilbert Burns ... telling the hometown crowd at the Kaseya Center in Miami that he was done fighting.

Masvidal subsequently launched his own fight promotion under the Gamebred banner ... and they've already put on some huge fights.

But, it's clear Jorge got the itch to return ... and with Nate also recently going his separate way from the UFC, the matchup makes sense.

"If it was in the streets, that dude [Nate Diaz] would say hell no. He knows what happens in the streets. In an MMA ring, he already knows what happens. Maybe he would say yes to boxing. I don't know, you gotta ask that dude."

When JM says Nate "already knows what happens" in MMA, he's referring to their 2019 UFC fight for the BMF title ... which Masvidal won.

But, Diaz has spent a lot of time training with accomplished boxers like Andre Ward ... so perhaps things would go differently in a ring.

Or not.

"[Nate] already got his ass kicked in MMA. He don't want it there. He didn't want it there to whole time we were in the UFC. Maybe he will want it in boxing. You know he's been with top-notch boxers his whole life, training with them," Jorge said.