Velasquez will defend his title against Fabricio Werdum at UFC 180 in November in what will be his first fight in more than a year after a lengthy stint on the shelf due to a shoulder injury.
There's a number of other top-five heavyweight contenders in action during the next few months, which will shape the pecking order.
Hunt has mentioned he would like a rematch with the second-ranked Junior dos Santos who beat Hunt via knockout at UFC 160 in May last year. But dos Santos has been booked to meet the fourth-ranked Stipe Miocic in December.
One name that could be on the radar for Hunt is No 5 Josh Barnett who beat Hunt in the now-defunct Pride promotion in Japan in 2006.
A resurgent Andrei Arlovski could also be in the mix after he moved to seventh in the rankings following a knockout win over Antonio 'Bigfoot' Silva in Brazil last week.
Hunt has five fights left on his revamped contract with the UFC, which he signed recently and there are huge financial incentives on offer if he can fight for the title.
Following his epic five-round draw with Bigfoot Silva in Brisbane last year, Hunt's stock in the promotion was at an all-time high.
He has built on that with this victory and his crowd-pleasing style is well favoured by the matchmakers.
Despite being 40, Hunt continues to improve as a mixed martial artist and this win was another notable notch for a man who was once not wanted by the UFC when they took over his contract following the acquisition of Pride a few years ago.
But Hunt refused to accept a contract buyout and stated he wanted to chase a title opportunity and that is now closer to becoming a reality.
Earlier in the night, Auckland featherweight Dan Hooker lost to Maximo Blanco by unanimous decision but showed incredible toughness.
The 24-year-old was edged by Blanco in an all-out striking battle where Hooker ate numerous clean shots, particularly in the early rounds, in his second UFC appearance.
Hooker, who had a nasty cut around his right eye, rallied in the third frame and stunned Blanco with a few combinations of his own but he wasn't able to find the finish he needed as all three judges scored the bout 29-28 in favour of the Venezuelan.
The loss dropped Hooker to 11-5 for his MMA career, while Blanco improved to 11-6-1, 1NC.