Recent reports had suggested that British fighter Khan had signed his half of a deal to fight the unbeaten American in Las Vegas in May, with Mayweather even setting up a poll on social media asking fans to vote on who they think he should face in his next bout.
However, despite all signs pointing to a showdown with Khan, no announcement has been made and Arum, a member of the boxing Hall of Fame and is closely associated with Manny Pacquiao, is evidently angered by Mayweather's actions.
"What he has done to Amir Khan is absolutely disgraceful, whether he ends up fighting
him, or he doesn't," the 72-year-old told The Daily Telegraph.
"My feeling is he is not going to fight him, but it's disgraceful to do that to another human being because you are in a position to do that. Just because he has the power where you can do something like that.
"If a promoter did it, if a Bob Arum or a Frank Warren did it the press would be all over them. They have allowed Myweather to get away with this s***. It's terrible.They have twisted the kid in the wind. Mayweather should be ashamed of himself. He's not going to sign the contract. I think he will fight Maidana," he added.
WBA welterweight champion Maidana, who boasts a record of 35 wins and three defeats from 38 bouts, most recently fought in December and beat Mayweather's compatriot Adrien Broner via unanimous decision in Texas to claim his title.
You have to imagine that either fight would prove lucrative given Mayweather's involvement, but it would presumably come as a crushing blow to former Olympic silver medalist Khan if he was now unable to test himself against the very best in the business.