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Paul has already confirmed that he is fighting at Madison Square Garden in New York City on August 6, co-headlining a pay-per-view event alongside Amanda Serrano.
Both of their opponents are yet to be confirmed but Paul's coach Danny Smith says the American is set to face Fury, with the announcement imminent.
"I'd probably say that we're around 90 per cent done but we're just waiting on their end," Smith told Vegas Insider.
"We're good on our end. Whatever particulars that need to be worked out there end that's what we're waiting on.
"I think without question [Tommy Fury is the right fight for Jake]. I like it because Tommy is a very fast foot guy, very fast hands and he moves around and understands distance and range, he boxes fairly well.
"It's going to be really, really good. He's not a huge puncher, but decent, with the right hand he is pretty decent.
"I think that it's a really, really good step up for both guys to be honest with.
"The reason I'm picking Jake to beat Tommy is because Jake has more of a dog mentality, the bigger puncher, and he's willing to trade."
Paul was originally due to fight Fury, the half-brother of WBC heavyweight champion Tyson Fury, in December.
But the former Love Island star had to withdraw from the bout due to a bacterial chest infection and broken rib.
Paul would instead face Tyron Woodley in a rematch, knocking out the former UFC champion in spectacular fashion to extend his professional record to 5-0.
Smith says Paul has improved since that fight and believes his fighter continues to be underestimated by the boxing world.
"The media and a lot of fighters don't know how well he's progressing and they really don't know how serious he is," added Smith.
"And they're going to be underestimating him when they get in there until they feel his presence, his strength, his power, his speed.
"We've noticed that with a lot of sparring partners because they get in there and they're like: 'wow, it's a life or death situation in there with him and he's better than we thought' the world is going to see that."
Who wins out of Paul and Fury? Let us know your thoughts.
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