He is requesting that various council offices petition the sporting organisation to bring a roster of events to Dublin.
"The economic benefit would be huge. MMA (Mixed Martial Arts) is one of the fastest-growing sports in the world and there is no reason that we shouldn't be at the forefront in that," he told the Herald.
If passed, the motion will request that DCC "build a relationship with the UFC" with the long-term aim to have an annual Fight Night event held in the 3 Arena.
"I'd like to see us try to get a bigger event during the summer in Croke Park or the Aviva too," Cllr Hand said.
Each event could generate some €5m in revenue in the capital and promote the sport for young fighters coming up after McGregor's success.
"UFC has already grown the number of events they are hosting and they like to spread it around the world, so why not Ireland?" he said.
In July 2014, McGregor stepped into the cage against Diego Brando in Dublin's 3Arena in front of a sold-out crowd.
The Crumlin fighter will soon fight for the featherweight champion title in Las Vegas against Jose Aldo and UFC president Dana White has already said that he would like to see the young athlete's title fight held in Croke Park.