Khan has a personal wealth believed to be £1.7billion from making lorry bumpers.
And Jol is waiting to see if he is given money to spend - or shown the door.
The feeling is Jol will be given time to press ahead with his plans for the club - bringing down the age of the team and staying in the Premier League.
But bookies William Hill cut his odds to next boss for the chop to 8-1. Al Fayed transformed the club - now effectively debt-free - during his 16 years in charge.
Fulham reached the Europa League Final three years ago and last season finished 12th in the league.
Such is Al Fayed's popularity that more than 1,000 Fulham fans have already signed a petition to rename the Riverside Stand the Mohamed Al Fayed Stand.“Now is the right time for me to retire and spend more time playing football with my grandchildren. "I am sad but proud of our achievements. I am very grateful to Fulham's fans, the most incredible fans in the world”Mohamed Al Fayed
He said: "Now is the right time for me to retire and spend more time playing football with my grandchildren.
"I am sad but proud of our achievements. I am very grateful to Fulham's fans, the most incredible fans in the world.
"They have given me their support and affection whenever they have seen me at home games.
"I would never let them down. I have passed the club to a talented, honest and highly capable man."
Pakistan-born Khan is president and owner of Flex-N-Gate, the 14thlargest North American car parts supplier. He is also the owner of NFL side Jacksonville Jaguars.
Khan said: "My priority is to ensure the club and Craven Cottage each have a viable and sustainable Premier League future that fans of present and future generations can be proud of.
"We will manage the club's affairs with prudence and care, with youth development and community programmes as fundamentally important elements of Fulham's future."