I think this almost happened but very late in Ortiz's career (a comeback ?). I think Ken Buchanan fought Ortiz instead and ended up stopping him in 6 I think.
Prime Carlos was a great lightweight. For me this is one of those classic matchups. Duran in a barn burner.
Ortiz always said he should never have taken the Buchanan fight. He said he was geared up and trained to take on Duran and his style. So, when Duran came down with the 'flu' Buchanan was substituted and Ortiz said he just wasn't prepared for that style and ended up quitting out of disgust after the 6th round. Carlos was 36 at the time, so it wasn't going to be any easier with Duran except maybe more painful, but you couldn't convince Ortiz, even to this day.