The 21-year-old, who recently returned from a six-week loan spell with Charlton, has found his opportunities limited at the Emirates this season.
He has made just two first team appearances, in the Capital One Cup ties against Coventry City and Reading.
Frimpong, a product of the Arsenal academy, made his competitive debut against Newcastle in August 2011 but was sent off in his first start, against Liverpool, later the same month.
The Ghanaian born youngster joined Wolves on loan in January 2012 but suffered serious injury in only his fifth game for the club, rupturing a cruciate ligament in his right knee.
Frimpong, who eventually returned to action after a seventh-month absence last September, tweeted the news writing: "Fulham here I come.''
And a statement on the Arsenal website read: "Everyone at the Club wishes Emmanuel the best of luck during his time with Fulham."