Canelo Alvarez, 31, unified the super-middleweight division last weekend with a stunning 11th KO victory in Las Vegas.
Mexico’s current pound-for-pound king will now consider his options with David Benavidez and Gennady Golovkin two potential opponents.
Canelo has competed at that weight class before, most notably knocking Sergey Kovalev out in the 11th round to win the WBO light-heavyweight title in November 2019.
But Frampton believes Beterbiev would pose an entirely different prospect altogether as he insists it could go either way.
“Well, Beterbiev is a different story, isn’t it? Obviously Kovalev was, you know, on his way out, and it was a carefully picked opponent,” Frampton exclusively told GIVEMESPORT.
“But saying that, he’s still a light heavyweight, dangerous puncher, and Kovalev’s a hard man.
“Beterbiev is a serious fight and it would be one that I would be really excited about if it gets made.
“Would it surprise me if Canelo won? No, but would it surprise me if he lost? No, it’s one of them real hard fights to call.”
However, Frampton feels Canelo would force Beterbiev to compete at a catchweight, which he would then look to use to his advantage.
He added: “I think what would happen if that fight does get made is it won’t be at light heavyweight, it’ll probably be a couple of pounds below it.
“Beterbiev fought as a heavyweight in the amateurs, I think he would really struggle to make the weight, but it would be something like that involved just to kind of make it a little bit more favourable for Canelo.
“But that’s the sport, it’s probably not fair, but that’s just the way this sport is today, they look after the number one and Canelo is easily the number one fighter on the planet.”
Meanwhile, Canelo, 31, has hinted he wants to take a break from the sport to spend some time with his family having fought four times in the space of 11 months.
“The training sessions, trying to make weight, that’s when you feel the tiredness of it all,” Canelo said in his post-fight interview.
“Right now, I feel great. My body is responding splendidly. Now I just need some time to rest and to prepare for the next challenge.”