Fan favourite Lomachenko, 33, lost his crunch match-up to newly crowned lightweight champion Teofimo Lopez in October 2020.
The two fighters went the distance and the American won on a decision after twelve competitive rounds.
Lomachenko said he did not agree with the wide scorecards at the end of the bout.
And now the Ukrainian great will hope to regain some momentum when he returns to the ring against Masayoshi Nakatani at the Virgin Hotels in Las Vegas.
But Arum has warned he may be forced to wait a while before he gets the chance to correct his mistakes.
“If you look at Lopez, because he didn’t take precautions and got Covid, he will probably only have one more fight this year, and that’ll be the [George] Kambosos fight," Arum said to FightHype.com.
“Obviously, if Lomachenko wins, he doesn’t want to sit around waiting.
“Lomachenko only wants to fight the best, and who are the best? Maybe Devin Haney or 'Tank' Davis."
Loma's promoter also says he would be happy to set up a super fight between Lomachenko and Davis or Haney.
However, he insists any decision-making involving 'Tank' ultimately lies with Floyd Mayweather Jr.
He added: “I mean, Loma would consider both of them big challenges, and we would certainly like to make those matches. But again, it takes two to tango.
“Number one, as far as 'Tank' Davis, what does Floyd think about that?
"He’s the manager or promoter, and nobody is more of an astute boxing scholar than Floyd Mayweather. He knows boxing."News Now - Sport News