Mayweather came out of boxing retirement last year to take on McGregor as he comfortably won the crossover bout in the 10th round to take his already perfect record to 50-0 and retire for good.
However, the former pound-for-pound king has recently hinted at an MMA fight with a number of videos on social media, ideally for a lucrative rematch with the Irishman.
McGregor is receptive to the idea as well, having responded to Mayweather's videos and most recently posting an image of them during their boxing clash.
Bisping, though, cannot see "Money" entering the octagon simply because he would be "destroyed" by the UFC lightweight champion.
"I honestly can't see Floyd Mayweather fighting mixed martial arts and certainly [not] in the UFC," Bisping said in his podcast via Metro. "If he does fight in the UFC it's going to be against Conor McGregor. Conor McGregor in an MMA fight will f*****g destroy Floyd Mayweather like he's never seen.
"It takes so long to learn – so long to put the pieces of the puzzle together, so long to learn the grappling the transitions from the striking to the grappling. Conor McGregor would literally have a field day with Floyd Mayweather.
"It would certainly be a record breaking pay-per-view, I don't know if it'll be more than McGregor vs Mayweather in a boxing ring but it certainly has the potential."
The Briton adds, however, that he would still watch the bout if it were to somehow be booked and that in addition to simply striking on the feet, McGregor would have a number of ways to inflict damage on the 40-year-old.
"Who wouldn't watch if? – I'd watch it – of course I would," Bisping added. "It'll be stupid for Mayweather to compete in MMA, or maybe it wouldn't be, because then he doesn't risk his perfect record of 50-0.
"McGregor's got a pretty good ground game, certainly a better ground game than Mayweather, I reckon he could take him down pretty f*****g easy. You take him down you pass guard and you elbow the f**k out of his face in about 35 seconds, you fight a boxer you take him down.
"Another path to victory for McGregor would be the kicks, he could just kick his legs to hell, he could use push kicks to keep him away – set up the high kicks, McGregor has a great kicking game we've seen them all a thousand times, very fast, very agile – a lot of spinning kicks, he could just kick him literally into oblivion."