Play video content EXCLUSIVE DECEMBER 2017 TMZSports.com

Sorry Pacquiao ... Conor McGregor says his putting his boxing career on hold for a bit -- because he wants his next bout to be a "real fight."

Conor was out with his baby mama Dee Devlin in NYC when he was asked about his fighting future -- and rumors he's hammering out a deal to box Manny Pacquiao.

But McGregor shot that down real fast -- insulting the sweet science in the process ... saying, "I think a true fight is what I want to do next."

He added, "MMA next."

The big question ... who's up first in the UFC? Nate Diaz? Tony Ferguson? Tyron Woodley??