Conor McGregor is heading back into the Octagon, and he's got his eyes set on the lightweight title ... again. He'll have his work cut out for him though, as the fight odds open with McGregor as an underdog against Khabib Nurmagomedov. 

After Friday's announcement that the title fight was set for UFC 229 in Oct. 6, McGregor was given +160 odds while Khabib opened as a -200 favorite, according to oddsmakers.

McGregor will enter the fight with a record of 21-3, while Nurmagomedov is unbeaten at 26-0. 

While McGregor is the challenger, he never technically lost the lightweight title belt after taking it from Eddie Alvarez at UFC 205 in 2016. But McGregor was forced to vacate that title (plus his featherweight belt) due to inactivity during his nearly two-year hiatus from the UFC, during which he had a blockbuster boxing bout with Floyd Mayweather.  

Nurmagomedov secured the lightweight title at UFC 223 earlier this year after defeating Al Iaquinta. There was plenty of drama and controversy surrounding that event and title fight, some of which involved McGregor.

In the days leading up to the event, the escalating feud between McGregor and Nurmagomedov came to a head when McGregor stormed the Barclays Center and attacking a bus carrying Nurmagomedov and other UFC fighters, throwing a metal barricade and dolly at the bus. Windows were broken and fighters were injured in an incident that UFC president Dana White called "disgusting" and "despicable."

McGregor was charged with three counts of assault and one count of criminal mischief before agreeing to a plea deal last week. He avoided jail time and the legal matters have been settled, which now paves the way to a McGregor-Nurmagomedov fight that many have been anticipating. 

Nurmagomedov may be the Vegas favorite right now, but it will be interesting to see if that line shifts (and by how much) in the coming days and months as we get closer to UFC 229.