Jol confirmed the mercurial Moroccan is due to undergo a medical on Tuesday morning ahead of a move to Craven Cottage.
He said: “We have agreed everything with the club. The only thing is the medical. If that is sound and good then he will join us.”
"I like his creativity and, of course, sometimes it comes off when he scores a lot of goals and I think he was involved in 40 goals [during the 2010/11 Championship promotion season].
"It is like Dimitar Berbatov - sometimes these fantastic talents will be blamed but I hope to find a way to gel him in together with the boys we've got.
"I think he can do a hell of a job for us because he is a tremendous player on the ball."
Taarabt moved to England from Lens in 2007, linking up with a Tottenham side then managed by Jol.
"I have known him now for a long time," the Dutchman added. "When I was at Hamburg, I wanted him but thought the money Daniel Levy asked for was too much.
"Then I went to Ajax and I thought it was too much for a player that never played.
"Then I was too late after that because he went to QPR, where he did ever so well.
"Remember the fact he was an over £10million player 12 months ago, so I think you have to take them when they are bad and hopefully he will show his potential here."
The Dutchman confirmed the news at the post-match press conference following his side's productive pre-season stalemate with the La Liga side.
Steve Sidwell had put the hosts ahead on 13 minutes, but Nigerian attacking midfielder Nosa Igiebor levelled the contest eight minutes into the second period.
Bryan Ruiz had a penalty claim turned down for a trip before Hugo Rodallega's effort was chalked off for offside to leave the scores level.
Giorgos Karagounis almost won it late on for the Londoners, but was denied from distance by former Premier League keeper Stephan Andersen.
Fulham will play their final pre-season friendly against Parma on Saturday before the start of the Premier League season.