Alex Volkanovski's future will flash before his eyes at UFC 308 but what that future looks like is still unclear to the former featherweight world champion.

Volkanovski's return to the octagon will be in a title fight, that much is certain. In an ideal world, it would be at UFC 312 in Sydney next February against Spain's Ilia Topuria, who took the title off him earlier this year.

Topuria faces Max Holloway this weekend in Abu Dhabi for his first title defence and Volkanovski will be ringside.

The turnaround to Sydney for the winner would be tight, assuming they want to do it in the first place and get through this one unscathed and Holloway's possession of the symbolic BMF title, which could require him to fight outside his weight class, complicates things further.

Volkanovski is tipping Holloway for the win and would relish a fourth fight with his old rival, but he can see all the moving pieces at play.

"If Ilia wins, I'll be fighting Ilia. But can I guarantee Sydney? I don't know. Would Max fight me in Australia? One hundred per cent he would. But I think he'd probably fight for the BMF title (next)," said Volkanovski.

"So if he wins, I either fight him in Sydney or I do an interim (title fight) against Diego Lopes. That guarantees me a title fight sooner.

"Who would I rather fight next? Ilia in Sydney, that would be perfect to get my win back, that's the dream.

"But Max winning probably guarantees me the title fight sooner."

Such uncertainty is unfamiliar to Volkanovski. Ever since he first won UFC gold almost five years ago, he's been in total control of who he is and what he's doing.

Now he's at the mercy of the fates, which is what happens when you're coming off back-to-back knockout losses.

The Topuria defeat, coupled with the short-notice, one-round belting from Islam Makhachev, had many beginning their career obituaries for Australia's greatest ever MMA export, but the 36-year old refuses to submit to Father Time.

Whether he fights in Sydney or not, he'll be enjoying one of the longest lay-offs of his career. In the past, he's struggled to feel comfortable without the structure of a training camp or the purpose he found in defending a title.

This time, he knew it's what he needed and now he's ramping things back up again, he feels better for it.

"It was a choice I was committing to. Normally when I'm not as active or when I'm just waiting, I want to fight. That's where I get antsy," Volkanovski said.

"But this time I chose to have a break, I knew it was what I needed and it was the decision I made, so that was great. I had more time to be a better husband and father, but now it's time for Volk the fighter to come back.

"My next fight will be for the title. I'm in a position where I'm so fired up I wish it could be now. I needed that break but now it's hurry up, let's get me into it."

Unless the UFC decides to hit the Wollongong Showground, a bout in Sydney is as close to a hometown fight Volkanovski's going to get.

By the time UFC 312 rolls around it'll be over seven years since Volkanovski fought in the Harbour City and he's a different fighter and man to the person who ground out a decision victory over Shane Young on that day back in 2017.

"I'm comfortable in who I am, as a person and a fighter. Back then I was still learning, I was full commitment, which you need if you're going to be great, and I had no time for anything else to the point I wasn't able to be myself," said Volkanovski.

"Like if I was in front of the camera I was never comfortable, and you could even see that in the octagon.

"But now I'm in my own skin, I know who I am and it might not sound right when I'm coming off two losses but you can see my confidence now – I think it started when I began shaving my head before I fought (Brian) Ortega in 2021, becoming Bald Volk changed things for me.

"I've always had the work ethic, I've always been driven, but now I just have to be me. I know what it takes, that guy seven years ago with all that drive and determination, that's what it takes to win and I have to do that again.

"It'll be tough, but I want that belt back."