In the headline bout, UFC middleweight champion Israel Adesanya puts his belt on the line against former kickboxing foe Alex Periera in one of the most anticipated bouts of the year.
"There's no point in him being here, because the chances of me fighting are pretty slim," Volkanovski admitted.
"He's got to take care of the boys. They've got some big fights coming up, so we'll let them do their thing."
Adesanya's upcoming bout against Periera will be his ninth fight in a row with UFC gold on the line, after getting his first shot to clinch the belt in 2019. And while Volkanovski hasn't been quite as active, he too has spent the best part of the last three years warding of challengers to his throne.
But while it is often said it is easier to become champion than to stay one, both Volkanovski and Adesanya had never really discussed the added weight that came with being at the top of their respective weight classes, and were simply enjoying each other's moments.
"We both deal with it pretty well," Volkanovski said of handling the pressure. "We keep in touch, but we haven't really had those types of conversations. We're generally just pumping each other up, because we've got full confidence in each other. When he's in camp it's just like, 'I can't wait for you to kick ass. Go get it, champ'.
"We know we've put in the work to do what we need to do. We have full confidence in the teams we have around us and what we are capable."
While Volkanovski is unlikely to get his shot at a second UFC belt this weekend, simply making the effort to show up on weight with a camp under his belt just in case the opportunity arises has paid off, UFC boss Dana White has confirmed he is next in line for the title shot.
That shot could come at UFC 284 in Perth in February, which would be Volkanovski's first bout on home soil since the UFC was last in Perth in 2018. That night, he was fighting in the preliminary bouts.
"This is why I did it, right? To lock myself in as the next guy," Volkanovski said. "I worked really hard; this was a proper commitment. I have to pretend I'm fighting, so this was a proper camp and everyone knows our camps aren't easy. It was a tough five-week camp, but at least I've gotten something out of it by locking me in (as the next in line) so even if I don't fight, that commitment is well worth it."