The American was a fans' favourite at Craven Cottage before leaving to join London rivals Tottenham Hotspur in 2012, scoring 50 goals for the club and helping them reach the Europa League final in 2009-10.
Dempsey, 30, will return from the beginning of January and be available until March when the new Major League football season begins.
"Clint will be a boost for us," Fulham manager Rene Meulensteen told a news conference ahead of Saturday's home game against Manchester City.
Fulham are second bottom of the Premier League table.
(Reporting by Martyn Herman, editing by Ed Osmond)
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