Riise, 30, joined Roma from Liverpool in 2008, but with his contract due to expire next summer he is now travelling to Fulham for a medical. Reports suggest the fee is in the region of £1.5 million.
Jol, speaking after Fulham's 0-0 Europa League draw with NSI Runavik on Thursday night, said: "He's coming for a medical. If that's okay, we've got ourselves a very good player."
Fulham are seeking a new left-back as Mexico international Carlos Salcido, who joined last summer from PSV Eindhoven, has failed to settle in London.
Riise's brother, Bjorn Helge Riise, has been at Fulham since 2009 but spent time on loan with Sheffield United in the Championship last season.