The former Harrods boss says that the Jacksonville Jaguars owner will assume a 100% stake of the club following Premier League approval earlier this evening.
A statement from the Egyptian published on the team's official website said: "My time of serving as the custodian of Fulham Football Club would one day come to an end, and I feel that time has now arrived.
"The time is right because I have found a very good man in Shahid Khan to accept the responsibility and privilege that I have enjoyed at Fulham since 1997. Fulham will be in very good hands with Shahid, whose success in business and passion for sport is very evident.
"I ask everyone who loves Fulham and our Craven Cottage home to welcome Shahid as he begins his journey as the next guardian of Fulham Football Club."
In his own statement, Khan described the Cottagers as "the perfect club".
A formal announcement will be made at Craven Cottage tomorrow afternoon.