The Serbian international was the subject of interest from the Saudi Pro League outfit earlier this summer and saw an offer of around £35 million rejected.
Mitrovic was ready to accept the move, with Al-Hilal offering a bumper £360,000 per week salary to the 28-year-old.
Fulham boss Marcos Silva admitted the move turned Mitrovic’s head but declared the striker is ready to play for the Cottagers.
Mitrovic came on for Fulham’s new signing Raul Jimenez in the second half as they defeated Everton in their Premier League opener.
He left the stadium on crutches but has reportedly told his suitors that he did not sustain a serious injury that will jeopardise the move.
Al-Hilal are ready to return for the striker after completing a move to sign Paris Saint-Germain attacker Neymar.
They are close to finalising the Neymar deal at €90 million, and the Brazilian international will earn around €260m over two seasons in the Gulf nation.
Al-Hilal now face a fight to convince Fulham to let go of their captain to pair him with Neymar. They will have to meet Fulham’s hefty financial demands.
Hudson-Odoi will leave Chelsea this summer after struggling to establish himself at Stamford Bridge and on loan at Bayer Leverkusen last season.
Fulham will hope that the England youth international can begin to show some of the promise he showed in his early days when he attracted the interest of Bundesliga champions Bayern Munich.
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