Dimitar Berbatov flying to Monaco to undergo medical
Berbatov had been linked with a return to Tottenham, but Press Association Sport understands the striker has been given permission to speak to Monaco instead.
The 33-year-old is expected to fly to the principality and undergo a medical.
Both parties hope a deal can be concluded before the 11pm transfer deadline.
Berbatov joined Fulham in August 2012 and enjoyed a successful first season with the club, scoring 15 goals.
This term has been a different story for the Bulgarian, however.
A move back to White Hart Lane, where he was adored by the club's fans, would have been an ideal scenario for Berbatov.
But a transfer to Monaco would still be a good move for the former Manchester United man.
If Fulham clear Berbatov off their wage bill they will have room to bring in new signings.
The Cottagers also announced on Friday morning that defender Aaron Hughes has joined Sky Bet Championship club QPR on a free transfer.
Hughes told QPR's website: "I don't see this as a drop down in class - I see it as a fresh, new challenge.
"It's a chance for me to come and get some games and help this club build on what's been a good season so far.
"It's a different challenge, but one I'm really looking forward to."