Ortega (14-1) told MMA Fighting, "That's the only fight I see that makes sense for both of us. We're at the top, we're the two guys at the top, No. 1 and No. 2."
Aldo (28-4) defeated Renato Moicano via knockout in the co-main event at UFC Fight Night in Fortaleza, Brazil, on Feb. 2. In his reign as the first UFC featherweight champion, Aldo successfully defended the title in seven straight fights before losing to Conor McGregor in December 2015.
Holloway, the current featherweight champion, is set to face Dustin Poirer for the interim UFC lightweight championship at UFC 236 on April 13.
It's unclear whether Holloway intends to vacate the featherweight championship for a permanent move to 155 pounds if he wins that fight, which would potentially influence the stakes of an Ortega-Aldo bout. Ortega and Aldo are the No. 2 and No. 3 featherweights, behind Holloway, in ESPN's divisional rankings.