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.
Aleksandar 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.
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