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Published 13:00 1 Dec 2016 GMT
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Ellerbe has suggested that the Irishman's application for a licence, which proved successful this week, will show itself to be no more than a publicity stunt.
"It's all a game. It's all a calculated effort to gain more fans," Ellerbe told ESPN. "He got a boxing license. Congratulations to him. Conor McGregor can say anything he wants to but he has a boss and his name is Dana White. He is under contract to the UFC and if he wanted to fight Floyd Mayweather in a boxing match he can't because his bosses wouldn't allow that to happen.
"The brass who recently purchased the UFC are very smart people and they would never - and put this in bold caps - let him step into a boxing ring with Floyd Mayweather because everyone knows what the outcome would be. He would get his ass beat from pillar to post."
Ellerbe insists that Mayweather is not giving a second thought to the latest chapter in the McGregor saga as the undefeated retiree is vacationing in the Bahamas.
McGregor's skills, although admired by Ellerbe, would not pose anything resembling a threat to the legendary boxer according to the man behind Mayweather's empire.
"He's a very good MMA fighter, give credit where it's due," Ellerbe said. "It's kind of played out now. Just stop it. The con game is over. Go out there and worry about dominating the UFC because three fights ago he lost, he was quitting.
"You couldn't even mention the word quit with Floyd Mayweather. And, like I said, [McGregor] can't do anything without the UFC's approval. There's no way [WME-IMG] spent all that money so they can get their biggest star killed. It would never happen.
"If they want to get him killed put him in there in a boxing match."
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