Dave Meltzer reported in the print edition of The Wrestling Observer that when presented with the Machida fight, Ortiz responded that he wanted to fight a bigger name. I’ve followed up a bit on this, and apparently Tito wants to fight one of the following 3: Wanderlei Silva, Shogun Rua, or Rashad Evans.
He hasn’t outright rejected the Machida fight though, so it’s still a possibility.