Whyte is the WBC interim champion after winning his rematch against Alexander Povetkin in March 2021.
But he will challenge the Gypsy King for the right to become WBC heavyweight champion after claiming a mandatory title shot for his KO victory over Povetkin.
Fury last defended his title with an 11th-round knockout of Deontay Wilder in October, but he has not fought in the UK since beating Francesco Pianeta in August 2018.
It should be a significant payday for both athletes, with Fury receiving 80 per cent of the purse, which will come to around £20million.
Whyte looked to negotiate a more significant chunk, but he is set to earn his biggest sum to date of at least £5.6m, and there is an additional £3.1 for the winner.