After days of speculation, it sounds like all signs are pointing toward the highly anticipated UFC 303 main event between Conor McGregor and Michael Chandler will be canceled.

MMA journalist Ariel Helwani reported on Thursday that the UFC is "burning the midnight oil trying to find a replacement solution." However, Helwani noted that there "aren't a ton of options available right now," because if there were, the UFC "would have announced it all already and moved on."

Helwani added that the fight between McGregor and Chandler is "not 100% off," but he would be "extremely surprised at this point if it remains" because the UFC is "actively negotiating with multiple camps to find a replacement."

He described the situation as "all up in the air" but noted that the UFC is "proceeding at this time like they need a replacement."

UFC 303 was supposed to be the triumphant return for McGregor, who hasn't fought in nearly three years after he suffered a broken leg in his loss to Dustin Poirier in July 2021. His matchup against Chandler has been on the horizon since the two filmed a season of The Ultimate Fighter reality competition series in early 2023, but the company waited to schedule the fight as the headliner for its annual International Fight Week this year on June 29 to maximize McGregor's return.

Indications that the fight was in jeopardy first arose when the UFC abruptly canceled a press conference in Dublin, Ireland, last Monday. After reporting that there was optimism that the fight would go on as scheduled, Helwani reported this week that things had taken a negative turn and the fight is now "in limbo."

Time is winding down for the UFC to find a replacement fight, but it's clear that there is little that the company could do that would please fans who were excited to see McGregor's return.