In an interview with United Kingdom radio station talkSPORT, Whyte claimed he had been offered "way less" for a rematch with Joshua than he had made for his last outing against compatriot Dereck Chisora in December, which he won by 1th round knockout.
AJ is pencilled in to return to the national stadium in April, but an opponent for the WBA, IBF and WBO heavyweight champion has yet to be confirmed.
With Deontay Wilder and Tyson Fury expected to meet in a rematch, Whyte put himself at the front of the queue when he laid out Chisora in their rematch at the O2 Arena on December 22.
Whyte and AJ shared words in the ring following that fight, with the champion booed for saying his priority was trying to secure a fight with Wilder. But assuming that fight can't be made, Whyte and American Jarrell "Big Baby" Miller - also promoted by Hearn - loom as the most likely options.
'It it's very unlikely that I'll be fighting AJ in April.
'There's been a first offer but it is utterly ridiculous, ' Whyte told talkSPORT.
'There has been a first offer but it is utterly ridiculous, a lot less than what I made for Chisora, I think they only made the offer to cover themselves, they are not serious about it.
'It's just silly, I'm a pay-per-view fighter now in the United Kingdom which I've built by myself against all the odds.
"It is a ridiculous offer, they're not serious about the fight, I don't think they want the fight, I think they just made an offer to cover ground".
The Body Snatcher has fought his way back into contention with nine uninterrupted wins since he was stopped by AJ back in 2015.
Anthony Joshua now holds four of the heavyweight belts but has been accused of ducking his rivals.
"This is an easy fight to make, it's not a hard fight, I have the rankings, we have history".
In recent days there has even been talk of former division ruler Wladimir Klitschko coming out of retirement to face Whyte, a challenge the Englishman said he would welcome with open arms. The Ukrainian legend hasn't fought since losing to AJ at Wembley in April, 2017.
'[It's] way off, how can I make more to fight Dereck Chisora? That I can promise you. I have trained alongside him and sparred him, I will knock him out'.