Emanuelson, 26, joined Milan from Ajax in the 2010-11 season but has struggled to hold down a regular place and has started eight games in Serie A this season.
The Netherlands international can perform as a left-back, a wide midfielder or a central midfielder and worked under Fulham manager Martin Jol during his time at Ajax.
Fulham have also confirmed the signing of Bulgaria international right-back Stanislav Manolev from PSV Eindhoven on loan.
The Cottagers added that they have the option to sign the 29-year-old for a further two years if they want to.
A 29-cap international for his country, Manolev started out with Pirin 1922 before a move to Litex Lovech, for whom he scored the winning goal in the 2008 Bulgarian National Cup final.
He moved to PSV in the summer of 2009.
They completed a hat-trick of signings with the announcement shortly before 11pm that they had signed Enoh on loan from Ajax, also with an option for a permanent deal.
The Cameroon international specialises as a defensive midfielder, and also played under Jol at Ajax.
Fulham have also signed Twente's Chris David and Emmanuel Frimpong - on loan from Arsenal - in the January transfer window.
However, a deal to sign Roma's Dutch international goalkeeper Maarten Stekelenburg did not materialise.