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The 25-year-old took to social media on Wednesday afternoon to announce he had served a termination notice to Fury's team.
His statement reads: "Fury’s received a termination notice. MVP did everything it could 2 help him & team. He wasn’t interested & he literally went into hiding.
"2nd time in a row he has pulled out. 2nd time in a row I’m going to step up & take on a new opponent on short notice. AUG 6. MSG."
Fury’s received a termination notice. MVP did everything it could 2 help him & team. He wasn’t interested & he literally went into hiding.— Jake Paul (@jakepaul) July 6, 2022
2nd time in a row he has pulled out.
2nd time in a row I’m going to step up & take on a new opponent on short notice. AUG 6. MSG.
Paul then hinted an announcement regarding a new opponent will be made tomorrow.
It is the second time a fight between the bitter rivals has been postponed, with their initial clash in December called off after Fury suffered an injury in training.
The pair were set to meet at Madison Square Garden next month, but preparations hit a snag last week when Fury was denied entry to the United States for a pre-fight press conference.
Fury claims to have done 'absolutely nothing wrong' and intended to appeal the decision after being turned away from Heathrow Airport in London.
"Me and my team this morning arrived at Heathrow Airport, ready for the press conference, ready to fly out and as soon as I entered the airport I got pulled to one side," Fury explained.
"I was told by a Homeland Security officer that was there that my ESTA [Electronic System for Travel Authorization] had been denied and that I wasn't able to travel to the USA for a reason that I apparently know.
"I can stand here and say I've done absolutely nothing wrong, I've no clue why I'm not allowed to travel to the USA.
"Like I say, I've been training for a fight this whole time and that's all I've been doing. I have no clue why they will not allow me to travel today, and neither does any of my team, or my lawyers."
Paul's new opponent is set to be Hasim Rahman Jr, according to reports.
Rahman Jr is the son of boxing legend Hasim Rahman, who famously knocked out Lennox Lewis to become WBC, IBF, and IBO heavyweight champion in 2001.
YouTuber turned fighter Paul currently holds a 5-0 record and last beat former UFC welterweight champion Tyron Woodley in December.