UFC officially strips Conor McGregor of lightweight championship

Conor McGregor has been stripped of the UFC lightweight championship.

The long-expected move was officially announced by UFC President Dana White at a press conference for Saturday's pay-per-view card at Barclays Center.

The Irishman has not fought in the UFC since he won the 155-pound title at UFC 205 in November 2016.

McGregor last fought in a boxing bout he lost to Floyd Mayweather Jr. on August 26 last year.

Floyd Mayweather and Conor McGregor ahead of their mega-fight in 2017. (AAP)

White had refused to strip McGregor of the championship until Wednesday when he discussed the popular fighter's return to the UFC in 2018.

"Conor McGregor is 100 per cent coming back this year," White said.

White said he did not expect McGregor to attend UFC 223 this weekend with the main event between Khabib Nurmagomedov and Max Holloway for the lightweight championship.

Nurmagomedov was originally scheduled to fight Tony Ferguson.

Holloway already holds the 145-pound featherweight belt, and moved up to 155 pounds on less than one week's notice.

Ferguson had been the 155-pound interim champion in McGregor's absence and remained the No.1 contender in the division.

Floyd Mayweather (r) lands a punch on Conor McGregor during their bout in 2017. (AAP)

"We're not stripping Tony Ferguson," White said.

"Tony Ferguson isn't being stripped.

"The only one that's losing a belt here is Conor. Conor is losing the belt.

"These two are fighting for the belt."

Once the fight starts, McGregor will no longer be champion and the need for the interim belt will go away; leaving the winner as the true 155-pound champ.

Conor McGregor (l) fights Jose Aldo during a bout in 2015. (AAP)

Ferguson and Nurmagomedov had been booked to fight each other four times, with all falling through.

White was hesitant to book a fifth fight between the duo but could be forced to should Nurmagomedov claim the UFC belt.

"It's the last fight on earth that I want to make again," White said.

"However, this thing plays out on Saturday, we'll go from there.

"Tony is still the No. 1 ranked guy in the world either way, no matter who wins.

"I'll deal with that when it's time to deal with it."