The alleged incident reportedly took place last Monday night outside Papi Steak restaurant on Miami beach.
The former interim UFC welterweight champion, 33, had been out for a meal with Canadian YouTube group the Nelk Boys when the confrontation is said to have occurred.
It came a few weeks after the best friends turned bitter rivals met each other in the main event of UFC 273 in Las Vegas, where Covington got his hand raised courtesy of a unanimous decision verdict.
Both men had exchanged heated words in the build-up to the fight, as years of hatred finally culminated in them coming face to face in the octagon.
The ESPN pundit said via a Twitter video: “Not good. Guys keep asking me how is Colby doing?
“I’m gonna be very light on details; this is not my story to tell.
“You want an answer? There’s your answer – not good.”
Masvidal, 37, was recently spotted in attendance at iKON Fighting Championship 2 at the Miami Airport Convention Center in March 18.
He was charged with aggravated battery and criminal mischief, the Miami Beach Police Department said.
Masvidal was later released on Monday night after posting $15,000 (£11,300) bond.
He has entered a not guilty plea to the charges while also calling it ‘a mutual combatant with another athlete’.
Former UFC two-weight champion turned pundit Daniel Cormier – a long-time colleague of Sonnen’s – also opened up about the recent allegations.
Speaking during a recent appearance on the ‘DC & RC’ show on ESPN, he said: “Colby Covington is not a street guy.
“Like, I will tell you today, Colby Covington is not a street guy.
“Colby Covington is a guy that likes to talk and fight.
“The shtick may have crossed the line and now it’s gotten him into a situation that he is not really equipped for.
“That is why he didn’t have anybody in place with him to make sure that it didn’t cross a line.
“But because I know who I am, I always made sure somebody was in that place with me to make sure that I didn’t cross the line, to ensure my safety and protect everything that I was building.
“Understanding where you’re from, knowing that if things go sideways this is a dude that I know will go and do what he has to do.
“You’ve gotta [sic] have somebody you trust to make sure that you don’t go and lose everything that you worked so hard for.
“Colby’s not that guy. Colby’s not a guy that is looking to be dealing in street things. He may talk like it.
“When he says he’s the King of Miami, he’s talking about he’s the best fighter from Miami and it’s hard to argue that right now considering Usman’s training in Colorado.”