Aleksandar Mitrovic (keft) is Serbia's all-time leading scorer with 52 goals in 81 games
The 28-year-old, who joined Fulham from Newcastle for a reported £22m in 2018, has three years left on his contract.
Sources at Fulham told BBC Sport they dismissed the offer out of hand and have no desire to sell Mitrovic.
Al-Hilal have signed Chelsea defender Kalidou Koulibaly and Wolves midfielder Ruben Neves this summer.
Mitrovic scored 14 Premier League goals last season as Fulham finished 10th on their return to the top flight.
He broke the Championship scoring record with 43 goals in 44 games during their promotion-winning season in 2021-22.
Mitrovic was banned for eight matches and fined £75,000 for pushing referee Chris Kavanagh in an FA Cup quarter-final defeat by Manchester United in April.
-- Courtesy of BBC Sport