The 84-year-old has transformed Fulham from a third-tier outfit to an established Premier League side since taking over in 1997, but reports suggest the former Harrods owner is now willing to sell the club.
Fulham and a representative of Al Fayed opted not to comment when contacted by Press Association Sport, with suggestions that Jacksonville Jaguars owner Shahid Khan is the interested party.
The Cottagers reached the Europa League final three years ago and last season finished 12th in the league under the guidance of Martin Jol.
Off the field, training facilities have improved markedly and Craven Cottage has been revamped, with planning permission in place to redevelop the Riverside Stand and increase the stadium's capacity to 30,000.
The club is also effectively debt-free after Al Fayed converted previous loans into equity earlier this year.
Reported potential buyer Khan has close sporting ties to London, with his NFL franchise playing one regular season game a season at Wembley for the next four years.
- Sports & Recreation
- Shahid Khan
- Premier League
- Al Fayed