The veteran British boxer will compete in the ring for the 49th time when he takes on the Swede - who has previously fought Tyson Fury and Anthony Joshua - on February 8 and has suggested that it could be his last bout in the city.
Chisora said: "I’ve had some amazing nights in Manchester, both in the ring and in the warehouse raves so was its only right I had one last dance up north. Come February 8th I’m going to be bringing WAR to Wallin, be ready for my penultimate showreel knockout."
Wallin added: "I think this is a great fight at the right time for me. I’m looking forward to fighting in Manchester, and I know I’m walking into the Lion's Den, but I will be ready for it and ready to get the victory!"
Chisora - who turns 41 next month - has targeted reaching 50 fights and promoter Frank Warren has high expectations for a clash that will feature two competitors with plenty to prove.
He said: "This is a heavyweight fight I expect to deliver in a big way. Obviously Derek needs absolutely no introductions and fully deserves such a showpiece occasion on a magnificent stage against a top-class contender.
"He has stated that he wants to hit a half-century of fights and that he wants one of his final two to be in Manchester, so we are delighted to make this possible for him and to stage our first promotion at the impressive Co-op Live arena, which I hope will be packed out for Derek’s 49th fight.
"Otto has been on the brink of heavyweight glory before and backs himself to return to the top table. Unfortunately, he just didn’t get going when he got his big shot at Anthony Joshua, so this presents a major opportunity for Otto to put himself back at the forefront of what is a booming division.
"This card also features a fantastic undercard. Boxing fans are in for a real treat on February 8th."