Oliveira successfully defended his lightweight title against Dustin Poirier in Las Vegas last December – with Gaethje now the No1 contender.
There have been calls for the Brazilian to face the Notorious if he beats the American but Covington can’t see it happening.
In actual fact ‘Chaos’ believes the UFC will go in a different direction anyway.
“I think Conor’s going to fight Nate. That’s the biggest money fight the UFC can do.
“It’s what, a trilogy? They need to close that chapter. So I think that’s the fight that’s going to happen.
“It’s the fight that makes the most sense for the UFC, and then if he wants to fight for the title after that then yeah, no problem. He can go fight for the title.
“He has the biggest name in the UFC, he won world titles across two weight classes, and he did this mega fight with a boxing superstar Floyd Mayweather and created just ridiculous numbers.
“I think that guy has the leverage and the name to be able to do and pick and call and choose his shots so that’s what he’ll do.
“Whatever shot he wants to do, he’s going to call it and, he’s going to get to do it.
“That’s how life is, that’s how it goes, but when you put together a resume like his, there’s no reason to complain about it.”
Covington also revealed he is also pursuing a trilogy fight of his own against Kamaru Usman.
He added: “I think they’re looking at the chalkboard and they’re like you know how can we manoeuvre this and do the best to utilise this guy in his prime because I’m in my prime.
“So that’s why I want to fight so often and not have to wait around, I just want to get the biggest and best fights.
“Of course I want to fight Usman again but he’s going to be out for a while with his hand surgery.
“That fight makes sense – even all the fans were asking him, ‘You need to do a third fight, you didn’t beat Colby in Madison Square Garden convincingly’.
“it was not convincing, like I won that f****** fight. The people in Madison Square Garden last November knew who won that fight when the dust was settled.
“He knows he needs to come out and convince himself and he needs to prove that he’s truly the best in the world.
“He didn’t prove he’s the best in the world last fight and that’s why I’m the No1 pound-for-pound people’s champion.”