The World Boxing Council has named Whyte as Fury’s mandatory challenger and the two parties have 30 days to agree a deal.
Fury retained his title with an 11th-round stoppage of Deontay Wilder in their third fight on 9th of October 2021.
Fury-Whyte is likely to take place in February or March next year, with Cardiff or Manchester potential venues.
After beating Wilder in Las Vegas, Fury had a 30-day window to set up an clash for the undisputed title with Oleksandr Usyk, who beat Anthony Joshua in September to take the WBA, IBF, WBO and IBO belts.
However, Joshua triggered a rematch clause with the Ukrainian, leading to Whyte being called as Fury’s mandatory challenger.
Top Rank’s Arum, who promotes Fury in the US, told Sky Sports: “Why wouldn’t Fury respect Whyte?
“Heavyweights throw bombs. If he doesn’t respect him, he’ll be in a lot of trouble. “Fury is enough of a professional, and a great fighter, and he knows that you don’t take a guy like Whyte lightly.”
Whyte was first at the pinnacle of the WBC rankings in 2017, and regained his status as interim champion by winning a rematch with Alexander Povetkin.
He is finally set to receive his first-ever world title shot.
“[Fury’s UK-based promoter] Frank Warren talked [on Wednesday] to Tyson who wants to get in the ring in February or March,” revealed Arum. “We are talking to Whyte now to come to an arrangement to put the fight on in the UK. “It will be a splendid fight and we are working hard to put it together.”
The undisputed heavyweight championship fight could be staged in late-2022, Arum believes.
“Usyk will probably now fight Joshua which he is obligated to do,” he said.
“If Usyk is successful against Joshua, there will be a massive fight – Usyk vs Fury.”