The pair were due to square off in Manchester last weekend but Haye pulled out because of a cut in training.
The fight has been rescheduled to take place on February 8 and Holyfield believes that Fury has a chance.
"Fury wouldn't be getting into the ring with Haye if he didn't have a chance," said Holyfield, 50.
"Any fighter who gets in there has a chance and it comes down to who fights their fight."
Click here to read our feature on whether the Haye-Fury bout has lost its appeal.