The Ukraine great is waiting for news of his next assignment following his unanimous decision win over Richard Commey at Madison Square Garden.
Lomachenko is on the comeback trail after his shock defeat to Teofimo Lopez – and insists he will stop at nothing to get his belts back by any means necessary.
And after revealing Loma, 34, will not face Shakur Stevenson next, Arum told World Boxing News: “Lomachenko wants to fight Kambosos and we want to do that fight in Australia and we can raise a lot of money to do that fight, but we can’t do it in the face of Covid.
“The government won’t give us money with Covid rampaging now through Australia.
“I really believe – I’m optimistic — that this is the last of the Covid with omicron surging all over but not doing much damage.
“It’s like a fighter in the late rounds throwing a lot of punches but he’s so tired the punches have no effect on the opponent.
“I’d like to do the fight in Sydney. We’ve explored ways that it could be done. I’m very optimistic.
“I know Peter Kahn is optimistic, but let’s see.”
Australian ace Kambosos Jr admits he is excited about the prospect of fighting Lomachenko in front of his home crowd.
But he also admitted that he has plenty of options on the table as he ponders his next move.
Speaking to FOX Sports, he said: “Look, my whole career has been the hard road.
“There’s never been an easy option for me, I’ve always had to grind.
“I wouldn’t be real, I wouldn’t be true to myself if I sucked the crowd and said, ‘Hey, I’m coming back for a defence but an easy fight, you’re going to see three rounds’.
“What for? I’m coming for the big names, and we’re already in negotiations with everybody.
“I love the Haney fight, I love the WBC piece. I love the Lomachenko fight, a big name worldwide, and Tank Davis as well. Ryan Garcia, he’s got a huge name, I want to see him back in the ring first.
“But we are sitting here negotiating, making sure that they are going to come to Australia first. That is the most important, that they will travel down under.
“I know for a fact Haney will and Lomachenko will so that is a big plus straight away.”