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Doesn't Shut Down Jake Paul Fight

Conor McGregor is finally acknowledging Jake Paul's existence ... calling the YouTube-turned-fighter a "confused little kid" ... but definitely not shutting the door on a potential fight!!

Jake has been on an all-out blitz to get 'Notorious' to be his next boxing opponent in recent months ... even offering the UFC superstar $50 MILLION to make it happen.

Now, Conor is giving his response to the challenge ... and while it may initially be a huge bummer for the 24-year-old, the dream is most definitely still alive.

"That is what it is," Conor told BT Sports on Wednesday.