Al Fayed, who sold the club during the summer to American Shahid Khan, decided that he wants to take the tribute to the late singer to one of his other properties, reported Contactmusic.
The statue was installed in 2011 to commemorate the 'Thriller' himaker who Al Fayed insisted was a fan of the Thames side team.
"The statue is not part of the Riverside development of the stadium and will be returned to the former chairman in due course," a Fulham spokesperson said.