Dembele enjoyed a superb 2011/12 campaign at Craven Cottage after being converted to a centre midfielder and has long been linked with a move away from the West London club.
The Belgium international’s agent claimed earlier in August that the La Liga champions had made an approach after he caught the eye of Jose Mourinho last season.
It was rumoured that Mourinho was lining up the 25-year-old should his move for Luka Modric fall through although the Croatian international now looks to be on his way to the Santiago Bernabeu
Jol had some choice words for his representative, Jan de Visser, stating Madrid have yet to bid for the player and that the former AZ Alkmaar is happy at the club.
He said: “There was no offer on the table (from Madrid) and hopefully the situation will stay as it is. Hopefully Dembele will stay here.
Manchester United have been linked with a move in the past whilst Tottenham Hotspur and Chelsea were also thought to be keen last term.
And Jol did reveal that an unnamed Premier League failed with an offer for Dembele ahead of the Cottagers 5-0 win over Norwich City on the Premier League’s opening day.
“Moussa is quite happy here. He wants to play here and if something happens, we will have to wait.”
Dembele confessed on Tuesday that he was unsure whether he would stay at Fulham should his admirers make a play for his services and indicated that Visser had been contacted by Madrid.
“I do not know [if I will leave],” he told the Belgian newspaper Het Nieuwsblad . “Actually I can say nothing about it.
“There was contact between Real and my agent. They wanted information, but that was it. Everything is still.”