Dutch news sources claim Fulham boss Martin Jol has already officially made known his interest in the player to his club PSV Eindhoven.
Manolev, who can play in midfield or at right-back, is under contract at the Philips Stadion until June 2014 but PSV are ready to let him go after he fell out of favour at the club.
Jol is understood to be looking to cover for the loss of Kelly who joined Reading for an undisclosed fee before the weekend.
Manolev and his agent know of Jol's interest, but Fulham have not yet made a concrete offer for the 27-year-old who was a regular in his first three seasons at PSV.
Jol knows PSV coach Dick Advocaat well and will probably not be too concerned about claims of rival interest from Espanyol.
Reports in Holland claim that Espanyol are ready to join the race but super agent Mino Raiola, who represents a player at the Spanish club, says that they have not even heard of him.