More: Rousey suspended for six months l Rousey gets plastic surgery
Speaking to reporters in his native Brazil, Aldo said the lure of Hollywood might be too much for Rousey to ignore after the brutal 2nd round KO.
“I think it’s really hard for her to return to fighting," he said.
"Her career has taken a different direction. If I’m making a lot of money doing movies or something else, I’d go that direction too.
"Am I going to mess my face up getting punched in the face? You’re crazy (laughs). In my opinion, I don’t think (she fights again).
"If she comes back, of course she can (win the title). She was always a fighter, but if I were her, I wouldn’t come back."
Aldo also had some thoughts on the difference between men's and women's MMA.
“Ronda is a great champion, I respect her, but I think men’s (MMA) is at a higher level," he said.
"(Male) athletes aren’t separated by one martial art only, like ‘I’m a judoka and I only catch arms’. There’s no such thing as this one who survives.
“Athletes have to be good standing and on the ground today.
“You have to be good wherever the fight goes and that’s how I try to be. I like to watch women’s MMA more than men fighting because they always do their best and fight hard."
Although he questioned whether Rousey would ever get back in the cage, he had no doubt about her lasting impact on the sport.
"I think the legacy Ronda leaves behind is that she changed women’s MMA," he said.
"She put it where no one ever imagined, where even Dana White said it would never be, and it is now.
"That’s her legacy. She has done a lot for women’s sport."
Rousey has been suspended for six months on medical grounds during which time she expected to complete a few movies, including a remake of the classic Roadhouse.
Neither Rousey nor the UFC have made a statement on the future of her fighting career, although she was always planning on taking a break from the sport after fighting three times in 2015.
A return at UFC 200 in July has been talked about, with a rematch against Holm, another encounter with Miesha Tate or a grudge match with Cris Cyborg being the most likely bouts for Rousey.
Aldo is preparing for his featherweight unification match with Irish interim champion Conor McGregor at UFC 194 in December.
It is one of the most keenly anticipated showdowns in UFC history with plenty of bad blood between the two champions.