The two are widely regarded as the best fighters in UFC, although St-Pierre usually weighs in 15lbs lighter than 37-year-old Silva.
St-Pierre is due to defend his title against Carlos Condit next month, but Silva thinks that their own fight would be a bigger spectacle.
"Regardless of who wines, even if St-Pierre loses, a fight with me can happen," said the legendary Brazilian fighter.
"A fight like this is above anything else. St-Pierre is one of the greatest in UFC, a fight with Condit is meaningless."
The fight would have to be a catch-weight, but there would be no shortage of interest to see who is the ultimate fighter.
UFC president Dana White also suggested the bout could happen.
Referring to the the debate over the best pound-for-pound fighter, he said: "There's been an argument for a long time, whether it's Georges or Anderson. I guess we will find out."
St-Pierre has struggled with injuries in the last 12 months, while Silva as dominated his division.
The French-Canadian fighter will face Condit in Montreal on November 17.