The former boxer - who moved from cruiserweight to heavyweight as Usyk has done - thinks that the Ukrainian has a strong chance of beating the Gypsy King and unifying the division when the pair clash in early 2024.
Holyfield told the WBC: "It should be a great fight and hand speed will be crucial. Who can get off the most punches? Usyk has got a lot going for him and he is left-handed.
"Fury has done so well so many times and styles make fights. When a person who fights a big man, is quicker and can take big shots you can win. Yet if you get hit it may be over.
"I truly believe Usyk has that no quit mentality, so he is going to be in there. A fine balance for this one."
Holyfield explained that the very best boxers are willing to push themselves to the very limit and he sees those qualities in both fighters.
The former world champion said: "For me and my career, it was a phase of life. During it, I did my very best and now that it's over, I'm kind of glad it's over.
"During it, you have to love winning and be willing to go through what others won't, because each and every time you go into the ring you think about what you have got to do to get that far. People who get there don't quit!"