The USA international enjoyed five productive years at Craven Cottage - which brought 60 goals - prior to completing a £6million move to Tottenham Hotspur in 2012.
Things did not go as planned for him at White Hart Lane and he headed home to the Seattle Sounders after less than 12 months in north London.
Competing in the MLS means he will become available for a loan return to Europe in the New Year, and Everton, Fulham and Spurs are all said to be keen on doing a deal.
On the speculation suggesting Dempsey could be brought back onto the Cottagers' books, Jol told the Fulham Chronicle: "It's unbelievable speculation, which is nice.
"I never talk about players, especially when they are not here."
While remaining coy on his plans for possible incomings, Jol admits he is hoping to send a number of youngsters - including Buomesca Tue Na Bangna - out on loan.
He added: "If you look at the left side we have Adel Taarabt, (Pajtim) Kasami and even Damien Duff can play there.
"We've got Ashkan Dejagah and Duff on the other side too. There's too many players here to throw them in, so I would love to find something for them.
"I've got six or seven youngsters who could play in the lower leagues and do a very good job, but you need clubs to take them.
"There's still not a lot of interest because all of these lower league clubs are looking for older, experienced players. They want to keep these teams up and may feel these youngsters can't do a job for them."