The unbeaten Mexican, who defends his belt against Cristian Mijares tonight, believes that if he and Frampton win their next respective fights, then they could face each other.
Frampton has been on the fringes of a world title shot for a while and has said in the past that Santa Cruz may be his best option.
"Carl's been saying he wants to fight me and I've seen him in a couple of fights," Santa Cruz told BoxNation. "He's a great fighter, undefeated like me.
"If I win my next fight and he wins, it could be the next fight which happens. He's in an eliminator to fight me in his fight, so if our managers can work something out it can definitely happen.
"I think it would make make a really great fight for the fans."
Frampton's next fight is against Hugo Fidel Cazares on April 4.