The cash was originally due to be paid on December 14, but FIFA extended the deadline for Fulham until yesterday.
Fulham said they are with-holding payment because they are unhappy with the role agents Sebastien and Pascal Boisseau played in negotiations.
A FIFA spokesperson said today: "I understand from our legal department that the payment has not been made, nor have we received a plausible explanation why it hasn't been made.
"Correspondence has been received from Fulham which doesn't say a great deal.
"The case may now be forwarded to the Players' Status Committee, which deals with transfer disputes, who meet on February 19.
"The issue of a transfer embargo is a matter for the committee to decide."
A FIFA committee will now meet on February 19th to decide whether to impose an transfer embargo on Fulham.
A spokesman for Fulham would say only: "We cannot comment on this matter."