News emerging from the UK, particularly from the Daily Mail, suggests that the Australian number one will sign a $6m (£3.5m) early next week after recently passing a medical at the Emirates Stadium.
Schwarzer moved to Fulham from Middlesbrough in May 2008 and helped the Cottagers to the Europa League final last season but is now set to move on.
Fulham are reportedly targeting England veteran David James as Schwarzer's replacement.