If the fight happens, it will pit UFC's No. 2-ranked welterweight contender in Covington against the No. 3 contender in Edwards.
The winner of that fight would then potentially be in line to face the winner of UFC welterweight champion Kamaru Usman vs. No. 1 contender Gilbert Burns, which is set to headline UFC 258 on Saturday.
Both Covington and Edwards are in the midst of impressive runs and have contributed to the welterweight division being one of the most exciting and competitive weight classes in UFC.
Covington, 32, owns a career professional record of 16-2 with four knockouts and four submissions. He has won eight of his past nine bouts, including a fifth-round technical knockout of Tyron Woodley at UFC Fight Night in September, as Woodley could not continue because of a rib injury.
His only loss during the stretch came against Usman, who beat Covington by fifth-round TKO at UFC 245 in December 2019 to retain the UFC Welterweight title.
The 29-year-old Edwards, who is 18-3 with six knockouts and three submissions, is on an eight-fight winning streak with wins over Donald "Cowboy" Cerrone and Rafael dos Anjos during that time.
Like Covington, his most recent loss came against Usman, as Usman beat him by unanimous decision back in December 2015.
There is little doubt that both Covington and Edwards would love another shot against Usman, and if Usman is able to beat Burns, it stands to reason that the winner of Covington vs. Edwards would be next in line.
It can be argued that Covington vs. Edwards wouldn't be quite as exciting and anticipated as a bout like Covington vs. Jorge Masvidal, but Covington and Edwards have earned the right to clash for the No. 1 contender spot because of their recent success.