The Bulgarian international has been linked with a move away from Craven Cottage since Martin Jol departed following a disappointing first half of the season.
The 32-year-old former-Manchester United forward has just four Premier League goals for Fulham this term. He joined the club in a £5m deal in the summer of 2012.
And Arsenal and Tottenham, both looking to strengthen thin forward lines this month, reportedly have their eye on the forward.
Arsenal are overly reliant on Olivier Giroud, with Nicklas Bendtner the club's only other orthodox striker - and he's currently sidelined.
Injury to Theo Walcott, the England international faces a six-month lay-off, has lent a greater importance to the Gunners' search for more attacking options.
As for Spurs, striker Jermain Defoe is widely expected to leave for the MLS this month, former-Tottenham defender Ryan Nelson now coaches Toronto and Defoe looks set to end up there.
So unless Tim Sherwood plans to promote Harry Kane into a more regular first-team role, the Spurs boss will be keen to bring in another senior striker to complement Roberto Soldado and Emmanuel Adebayor.
The two north London clubs are by far Berbatov's most likely destinations say the oddsmakers, although it remains to be seen whether the Bulgarian bails out on the Cottagers' scrap for survival.