With the recent news that Conor McGregor hurt his foot in his UFC 202 bout with Nate Diaz and isn't going to be medically cleared for a while, an upcoming bout between him and UFC lightweight champion Eddie Alvarez seems unlikely. That never stops a linemaker though. The betting odds for a prospective bout between the two is out, and McGregor is the favorite:
Only one major book has dropped a line so far - Bovada. Alvarez isn't likely to enjoy this line, considering all the things he's had to say about Conor in recent weeks. Dana White recently shot down a third bout with Diaz right away for Conor, saying he either had to go back to 145 to fight Jose Aldo, or go to 155 to fight Alvarez.
Top title challenger Khabib Nurmagomedov might have something to say about that though - he has stated that Alvarez has turned down two bouts with him already. Alvarez undoubtedly wants the money fight, but somehow I don't see it happening any time soon.
Regardless, it's not often that a champion opens as a decided underdog, even for a bout that's not set as of yet.