McGregor, 33, famously knocked out Jose Aldo in 13 seconds in December 2015 to initially claim the featherweight crown.
Having lost just ONE fight at featherweight in his entire career, some have claimed that the Irish MMA superstar is right up there when it comes to the best to have ever competed at 145lbs.
But Volkanovski, who won it three years ago with a unanimous decision win over Max Holloway, insists ‘The Notorious’ does not deserve such status.
However, he did also begrudgingly admit that he’s not a bad fighter either.
During the UFC 273 media day, he said: “You need defences, that’s the thing.
“I’m going to give him respect. The dude can fight. He made some bad decisions and all that type of stuff but he can fight.
“To take out Aldo in Aldo’s prime, that’s saying something as well. Aldo is still showing he’s still in his prime, he doesn’t age.
“But again, I feel like I’ve definitely done a lot more than him so out of all the champions, I’d say he would have to be at the bottom of the list.
“He ain’t gonna like that but whatever.”
Former rugby league prop Volkanovski will put his title on the line against Chan Sung Jung in the main event of UFC 273 on Saturday night in Jacksonville, Florida.
The Australian, also 33, last fought at UFC 266 in September, when he successfully defended his featherweight title against challenger Brian Ortega in Las Vegas.
Volkanovski has made two UFC featherweight title defences – which is two more than McGregor.
He rates Aldo as the greatest of all time currently but reckons it won’t be long before he overtakes the Brazilian at the top of everyone’s list.
“I believe I’ve still got more work to do,” he added.
“I give Aldo the respect. To be champion for as long as he was, he’s incredible.
“No matter the opposition that I’m facing like himself, Max and that, I’m fighting absolute killers, it’s pretty clear.
“But at the same time, to be champion that long – there’s gonna be days you don’t show up, bad weight cuts, injuries, you name it.
“We’ve all done it and it’s a nightmare to not be on, on a day where you’ve got to go out there and defend your belt.
“For him to be a champion for so long, that’s saying something.”