The 22-year-old Pepi joined PSV from Bundesliga side FC Augsburg in 2023 and had his breakout season last year, when he scored 17 goals in 27 games across all competitions. His season was cut short by a knee injury, but that hasn't hampered him this campaign, during which he's scored 10 goals in 19 games, of which five came in his last six appearances.
According to Dutch newspaper Eindhovens Dagblad, Fulham are preparing a bid between 30 and 35 million euros (£26-30m) for the USMNT striker. Last summer, Fulham led the race for Pepi as they battled the likes of Juventus and Real Betis, but a transfer never materialised.
At €35 million, Pepi would become Fulham's second-most expensive transfer only behind Kevin, whom Fulham paid Shakhtar Donetsk €40 million for.
PSV are not expected to cooperate in a potential transfer of the striker, who's struggled with his fitness for most of the season. Pepi is the undisputed starting striker for manager Peter Bosz with Alassane Plea out with a severe injury and Myron Boadu also largely unfit.
Pepi, who turns 23 on January 9th, is under contract at PSV until June 2030.