The WBC named Whyte as Fury’s mandatory challenger after The Body Snatcher defeated Russian boxer Alexander Povetkin back in March via TKO out in Gibraltar.
Both parties have now been given a 30-day window to agree a deal.
The fight is likely to take place in early 2022, with February or March the months that parties have discussed. The potential venues that have been named are Cardiff and Manchester, the place where Fury grew up.
If the fight is agreed upon, the Gypsy King will go into the showdown after beating Deontay Wilder in an enthralling contest in October at the T-Mobile Arena, Las Vegas; a fight in which Fury retained his title with an 11th-round stoppage from referee Russell Mora.
Fury’s camp were given 30 days to set up a clash for the undisputed title with Oleksandr Usyk. The Ukrainian beat Anthony Joshua at the Tottenham Hotspur Stadium to take the WBA, IBF, WBO and IBO belts in September. However, Joshua triggered a rematch clause against Usyk, leading to the World Boxing Council ordering Fury vs Whyte to take place.
Speaking to Sky Sports in November, Whyte had challenged Fury. The 33-year-old claimed: “Fury has been mandated to fight me twice.
"He asked for the WBC ‘Diamond’ belt to fight me, but ran away when they agreed. He just keeps making excuses.
"Hopefully now he’s got no choice. What’s he going to do? Throw the belt in the bin and run away from more money than he got to fight Wilder?”
Whyte then went onto issue a warning to Fury, telling Sky Sports: “Of course I’ll finish him.”
For the time being, both parties remain locked in talks, and if the fight does go on, it is sure to be a cracker.News Now - Sport News