However, the prospect of the pair staging a double world title contest will only become a reality if both come successfully through their next fights.
Hodkinson, from Liverpool, is due to make his third defence of the World Boxing Council championship against Ricardo Cepeda, of Puerto Rico, in London on either 23 January or 3 February.
And McMillan, the Londoner who in September lost the World Boxing Organisation title to Reuben Palacio after dislocating his left shoulder, is lined up for a rematch with the Colombian early next year, possibly February.
Frank Warren has reached agreement with Hodkinson's manager, Barney Eastwood, to promote the fight for pounds 400,000 on the basis of a 50-50 split with a pounds 25,000 bonus to the winner.
Hodkinson said: 'When Colin lost his title to Palacio, I thought a fight against him had gone for good. I thought it was the sort of injury that could prevent him from fighting again. But now he's back in training so let's get it on.'Reuse content