Santa Cruz defeated Frampton in a Vegas rematch to reclaim the title he lost in New York last year, but has dampened talk of a third meeting in Belfast.
"I think more likely first I would like to unify with Lee Selby," he said.
"Selby is calling me out, so I want to make it with him and get the win and then fight [Abner] Mares or Frampton."
Selby's camp say they will discuss the prospect with Al Haymon, who advises both fighters, and that a fight with the Mexican would be their "first choice".
The Barry boxer stopped Spain's Andoni Gago on the undercard of the Tony Bellew v David Haye bill at the O2 Arena on Saturday and has made clear he is now a free agent after his four-year agreement with Matchroom concluded.
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"We will discuss options with Al Haymon this week," Selby's manager Jamie Sanigar told BBC Wales Sport.
"We want the biggest fights now and a unification with Santa Cruz is top of the list. The winner of Selby v Santa Cruz would be king of the castle in the featherweight division."
Selby is supposed to fight mandatory challenger Jonathan Victor Barros next after their previous fight was cancelled at the last minute.
A unification fight with Santa Cruz could well be an attractive proposition to both organisations, though the IBF says it has heard nothing on a potential unification duel and expect Selby's camp to negotiate with Barros.
"Selby and Barros have been ordered to negotiate again.  They have until 2 April," the IBF told BBC Wales Sport.
"We have not been approached about a unification and [Selby] will likely have to fight Barros prior to a unification with Santa Cruz."
The IBF says Barros' issues that led to their previous fight being postponed have been resolved.
The Nevada Athletic Commission did not give an explanation other than the Argentine had not met its requirements.
Santa Cruz believes a unification fight with Selby would be the preferable option.
"I want to fight the best. There is Lee Selby, I want to unify against him, Abner Mares, Carl Frampton, I will fight any of them," Santa Cruz confirmed.
"But I think more likely first I would like to unify with Lee Selby,  I don't know about a date yet, but maybe June, July, or August. We will talk about it."

The Food Standards Scotland (FSS) board was set up in April.
It has recommended that Scots should increase their fibre intake to 30g per day and have no more than 5% of their total energy from sugar.
Previous dietary goals, including a target to have no more than 11% energy intake from sugar, have not been met.
The current intake of food energy from sugar is 14.4%, the FSS said.
It said 50% of the sugar consumed by Scots comes from discretionary foods, such as biscuits, cakes, confectionery, savoury snacks and sugar-sweetened drinks.
The FSS has published a situation report which collates and presents current evidence to provide information for policymakers.
The report says:
FSS chair Ross Finnie said: "The Scottish diet is not improving and the problem of diet-related ill-health is now spanning the generations.
"There is a disconnect between the scale of the problem and how healthy people believe their diet to be.
"We all need to recognise there is a problem and everyone including consumers, the food and drink industry, retailers, media and government has a part to play in finding a solution."
Public health minister Maureen Watt said:"We recognise that there are issues with the Scottish diet and that many of these are long-standing, however there are some indications of progress in recent years, for instance a reduction in the purchase of sugary drinks.
"We are working to ensure that everyone in Scotland has the opportunity, ability and confidence to access a healthy diet for themselves and their family."
WBA featherweight champion Leo Santa Cruz says he wants a unification fight with IBF champion Lee Selby before facing Carl Frampton again.
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Scotland's new food standards body has recommended tougher targets for healthy eating after finding "little or no progress" over the past 15 years.