The pair clashed at the awards ceremony last night after Rock made a joke on stage about Smith's wife Jada Pinkett Smith - who has shaved her hair off due to experiencing alopecia.
It saw Smith - who won the best actor for his role as Richard Williams in the movie King Richard - walk on stage and slap the comedian before yelling, 'keep my wife's name out your mouth'.
And Paul tweeted that he would be willing to promote the bout should they decide to take it into the ring.
"Over/under on how much Jake Paul is gonna offer Chris Rock and Will Smith for a boxing PPV?" Sal Vulcano tweeted, with Paul responding "I got $15m for Will Smith and $15m for Chris Rock ready to go. Let's do it in August on my undercard."
He later added: "Someone get me on the phone with Will Smith's boxing representative asap."
Rock made a dig towards Pinkett-Smith the last time he hosted the Oscars back in 2016 and said: "Jada Pinkett Smith boycotting the Oscars is like me boycotting Rihanna's panties - I wasn't invited!"
Smith's slap created quite the reaction on social media.
UFC president Dana White said it was the first time he had ever found the Oscars interested.
"FINALLY!" White posted. "There's an #Oscars show worth watching. AND Chris Rock has a chin."
Former UFC champion Jon Jones added: "Anyone watching the Oscars? Will Smith is a gangster for that one, Chris Rock was the ultimate professional for the way he continued."
Boxing is a sport close to Smith's heart and he has previously played Muhammad Ali in the 2001 biopic to celebrate the heavyweight's career and life. The actor was trained by Darrell Foster - former trainer of Sugar Ray Leonard for the part.
Jake Paul is not scared of making an offer to stage a fight. Previous to Smith and Rock, the YouTuber-turned-boxer made a $60million offer to get Pete Davison and Kanye West inside the ring.
He said in a video: "I have an official offer for Kanye West and Pete Davidson. "I have $30million for each of you, guaranteed, plus pay-per-view upside for a six-round boxing match.
"Let's make it happen; let's settle this beef like men before the children get affected by your antics. Let's get it done; make it happen."