The 26-year-old became a fixture in the Milan first team after his 2011 switch from Ajax, but then saw his appearances diminish over recent months.
It appeared likely that the Italian club would allow him to play elsewhere for the remainder of the campaign to remain sharp, and the versatile Emanuelson told De Telegraaf that a move to Craven Cottage is almost finalised.
"I will finish the season with a loan deal," Emanuelson said. "I have worked very well with Jol at Ajax and am happy as he gives me the chance.
"Martin has a lot of confidence in me and that's what I need right now. At Milan I ended up on the bench from nowhere and I was really shocked with that.
"The previous two months were hard and at my age it is important to play week in, week out."
The 16-times capped Dutch international, of Surinamese descent, can operate at full-back, midfield or as an attacking winger, preferably on the left-hand side.
He has made 50 league appearances for Milan, scoring three goals.