Dempsey due to recover for World Cup
Manager Roy Hodgson had feared the 26-year-old, a mainstay of the U.S. team that will face England in this year's World Cup finals, would be out of action for some time after being injured at Blackburn Rovers on Sunday.
However the club said on their website that Dempsey had "sustained moderate damage to a ligament in his right knee.
"Early indications are positive in that no operation is required. At this stage it is thought the injury will not prevent him from featuring for Fulham, prior to the end of the season."
The injury to Dempsey, who has scored seven goals this season, is the latest blow for Fulham who are already without forward Bobby Zamora with a collarbone problem.