Chukwueze, 26, has made 72 appearances for AC Milan since joining from Villarreal in 2023. During this time, he has scored eight goals and provided six assists.
It is understood that Fulham initially attempted to sign Chukwueze on loan in January, but AC Milan refused to sanction a deal with an option to buy.
Fulham's manager, Marco Silva, has expressed frustration with the club's lack of transfer activity this summer, with only a back-up goalkeeper joining the team.