The Moroccan playmaker is at Craven Cottage on a season-long loan deal but has struggled to break into the Fulham side so far, making just three Premier League starts and 11 appearances in all competitions.
Meulensteen has only recently replaced Martin Jol in charge of Fulham and will spend the next few weeks carefully casting his eye over his players as he ponders what needs to be done in the January transfer window.
He has been impressed by Taarabt in his early days and would love to unlock his potential, but he is not sure what will happen at this stage.
"Whether Taarabt will stay or go is something to discuss in January," Meulensteen said.
"It comes down to what we need in the squad and if there are certain areas we need to address.
"Adel is a very talented player and so far I have worked with him well. I hope I can help him to fulfil his potential."