The fight will be held in London at Tottenham Hotspur Stadium, which will mark the third time the British pair have met in the ring, with Fury winning both previous encounters.
Fury, who is unbeaten, will place his heavyweight crown on the line and will step into the ring for the first time since knocking out Dillian Whyte in April at Wembley.
Meanwhile, Chisora has not fought since July when he beat Bulgarian Kubrat Pulev via a split decision.
Fury had been in talks to fight Anthony Joshua in December, however, negotiations between both parties broke down.
At a news conference at the Tottenham stadium on Thursday, Fury explained why he is fighting Chisora again.
"I don't need to sell this to anyone," said Fury. "We offered it to others but there was no smoke. We offer it to Derek Chisora and boom. He's sat here opposite me.
"He's got balls and today there is a lack of balls in society. With Derek Chisora you get what it says on the tin. He goes to war. When you have got two heavy forces colliding with massive bombs someone's getting knocked out.
"We will put on a hell of a fight. I respect Derek and I'm a fan of Derek. He's fought everybody, all the great of this generation. He's got 12 losses but nearly all to world champions. Oleksandr Usyk handled Joshua far easier than he handled Derek. He brings his A game every time.
"But it won't be good enough to beat me."
Fury arrived at his press conference brandishing 10,000 pounds in a wad of notes - the winnings of a bet with Warren that the fight with Joshua would not get made.
Warren said that provided Fury beats Chisora, he could face Usyk in February, but not in the UK.
Elsewhere on the card is Briton Daniel Dubois, who will defend his WBA 'Regular' title against South African heavyweight Kevin Lerena.
