Frampton became mandatory challenger for Santa Cruz's belt when he stopped Hugo Cazares inside two rounds in Belfast last month.
However, despite Frampton's camp indicating that a bout with the unbeaten Mexican could happen later this year, Schaefer has hinted that the contest may not take place until the start of 2015 when the next mandatory is called.
Schaefer told IFL.TV: "We are open to doing a Carl Frampton fight. Leo is the kind of guy who will fight anybody and I think that it would be another terrific fight.
"However, right now, it's not really our top priority, but it is a fight that I would love to see."
Both Frampton and Santa Cruz have also been linked with a match against WBA titlist Scott Quigg.