The news ends the search for someone to take on Fury, who is now on a path to a rematch against WBC heavyweight champion Deontay Wilder.
Keith Idec of Boxingscene.com confirmed the report of the terms being agreed upon while also noting the heavyweight fight will take place on September 14 inside the T-Mobile Arena in Las Vegas. "It's on, the rematch", Fury stated.
Wallin (20-0, 13 KOs, 1 NC) is undefeated in his professional career, but this fight with Fury will serve as a massive step up in competition for the southpaw hailing from Sundsvall, Sweden. He was on a US fight card in April in Atlantic City against Nick Kisner, but the fight was ruled no contest after the first round, when an accidental butt cut Kisner badly over his right eye and he could not continue.
That was Wallin's first fight outside of Europe, but he's now expected to return to America for a showdown with Fury.
In Wallin's last bout, he went to a no-contest after an accidental headbutt in the first round.
This after Fury departed the Wilder negotiations and signed a multi-fight deal with Bob Arum and Top Rank boxing.
It will be Fury's second consecutive stateside match, following his impressive win against Tom Schwarz in June.
Wilder clearly believes that Fury should be preparing better for their inevitable rematch.
After Fury walked away from the potential rematch of their December 12-round draw previous year, Wilder fought WBC number one Contender Dominic Breazeale and destroyed him with one punch in a first round KO in May.
Wilder is also scheduled to fight before the end of this year, with plans to take on Luis Ortiz before a rematch with Fury next year.
'Look at who he's fighting.