Fury, the former WBA, IBF and WBO heavyweight champion, made his Vegas debut earlier this year when he blew away the overmatched Tom Schwarz inside two rounds at the MGM Arena.
Wallin, like Fury, is unbeaten in his professional career with 20 victories and one no-contest but this fight represents a significant step-up in quality for the 6ft 5in southpaw.
The bout against Wallin will be Fury’s second in a lucrative deal with American broadcasters ESPN, which he agreed a couple of months after a controversial draw against Wilder in Los Angeles last December.
The Briton has been campaigning for a return date ever since – with many observers arguing he deserved victory in their first meeting – and it could come to fruition next year, provided he avoids an upset against Wallin.
“I am pleased to be back in Las Vegas. I loved my time there in my last fight and am going to put on a show again,” Fury said.
“Otto Wallin is a world-ranked fighter and is tall, something we want with the Deontay Wilder rematch around the corner.
“He is also a southpaw, which will bring its own obstacles, but I will be fully focused to get this job done because the rematch needs to happen.”
Wilder flattened Dominic Breazeale in the first round in May and is set for a rematch against Luis Ortiz later this year, although a venue has yet to be decided.
While Fury will be looking for his 29th win in 30 paid contests next month, Wallin says his opponent “has everything to lose”.
“This is the type of fight I’ve been waiting for since I was a kid and my father started showing me some boxing moves in our kitchen,” Wallin said.
“I’ve made a lot of sacrifices to get to this point and I’m very happy it’s starting to pay off.
“I know I’m an underdog in this fight, but I’m ready for this opportunity and I’m going to grab it with both hands.
“Anybody can get beat and especially in the heavyweight division. I like the fact that I have everything to gain and Tyson has everything to lose.”