The fight, seen as a lucrative stepping stone to a potential meeting against Tyson Fury, was called off after Whyte suffered a shoulder injury.
The Brixton fighter had picked up the issue two weeks ago but it worsened in sparring on Monday causing the fight to be cancelled.
It is unclear whether the bout will be rearranged in due course but Whyte said: “I am devastated as I had a great camp, was in great shape and had great sparring. I was looking forward to knocking Wallin out and would have done so in the first half of the fight.
“I am devastated about not being able to fight on October 30 but I want to thank everyone for all of their support.”
Whyte’s medical team said there was “no enduring concerns” over the injury. And promoter Eddie Hearn said: “Dillian carried this injury the last couple of weeks but it worsened in sparring on Monday night and it was impossible for him to continue.
“It’s a huge shame because Dillian had a great camp before the injury and was ready to go. We wish him a speedy recovery.”
Despite Whyte’s withdrawal, Saturday’s fight night at the O2 will still go ahead as planned with Chantelle Cameron’s super-lightweight unification fight against Mary McGee now topping the bill.