Mayweather hung up his gloves with a routine performance against Andre Berto last month, having already announced that his record-equalling win would be his last.
‘Money’ levelled Rocky Marciano on a staggering 49-0 total through his 19-year career and Vargas believes at least one more fight is needed for Mayweather.
“I think it would be a shame if Floyd doesn’t go for the 50th fight. He changed the game for everybody and made a lot of money doing what he does,” Vargas told World Boxing News.
“I’m not sure if he will come back, but he will certainly be remembered for being a great fighter and for changing the sport.”
Asked whether Manny Pacquiao should be recognised as the number one fighter on the planet now that Mayweather has taken a back seat, Vargas was rather more cautious with his reply.
“Pacquiao is maybe not the top fighter now as he hasn’t fought for a while and there are lots of younger guys coming through who can be champions,” he pointed out.
And on a possible fight between the two, which has been rumoured in the past, he added: “A fight between us is a possibility as we have the same promoter, but we will just have to see what happens in the future.”
The 26 year-old was recently defeated by Tim Bradley in his bid to become a two-weight world title holder and is currently awaiting news of a possible return to action later in the year.