Cerrone's guaranteed minimum is $200,000 to show with an extra $200,000 for a win, per ESPN's Brett Okamoto.
The Nevada State Athletic Commission revealed the payouts Friday in advance of Saturday's fight at T-Moblie Arena in Paradise, Nevada.
McGregor, who sports a 21-4 professional record, will be making his return to the Octagon after 15 months away. Cerrone is 36-13 with one no-contest.
McGregor is a -330 favorite ($330 bet to win $100), per Caesars Sportsbook. He last fought at UFC 229, when he lost via submission in a lightweight title bout to the undefeated Khabib Nurmagomedov.
A post-fight brawl ensued after the bout that involved both combatants and their camps. The NSAC suspended McGregor six months.
McGregor is a UFC former lightweight and featherweight champion.
Cerrone has lost his last two fights, but they came against No. 1 lightweight contender Tony Ferguson and No. 3 lightweight contender Justin Gaethje.
Ranked fifth himself, Cerrone is UFC's all-time leader with 23 wins. He'll also be No. 1 alone on the UFC total fights list with 34 after Saturday.
The two should make far more than the NSAC's stated minimum purses thanks largely to pay-per-view purchases and the gates.
McGregor told ESPN's Ariel Helwani that his take for this fight will be the biggest in his MMA career and estimated that it will be in the neighborhood of $80 million. McGregor claims he took in $50 million for the Khabib bout.
UFC 246's main card consists of five fights including the McGregor-Cerrone bout. A women's bantamweight fight featuring No. 3 Holly Holm and No. 5 Raquel Pennington highlights the remainder of the card.