The veteran promoter told press at a recent media gathering that a meeting between the pair was in the pipeline, without going into detail regarding possible weight issues or dates for the bout.
As former featherweight king Walters moved up 130 pounds following problems making his previous weight, Lomachenko would most likely have to step above his usual featherweight limit in order to make the fight a reality.
When contacted, Arum told WBN more details would be released next week on the potential all-Top Rank encounter.
At super-middleweight, it seems progress is being made rapidly on a title fight pitting WBC belt holder Badou Jack against ex-160 pound champion and Mexican superstar Julio Cesar Chavez Jr.
A date at the end of April is being targeted as Chavez aims to become a two-weight world title holder following some mixed form of late.
Finally, and despite an announced just days ago, the middleweight clash between US star Antoine Douglas and former world title holder Sam Soliman has been postponed.
The fight was due to take place on March 5, although Australian Soliman requires knee surgery and will be out of action for a few months.
A replacement is expected to be drafted in for Douglas.
