Wilson has not been handed a squad number by manager Jose Mourinho, who has reportedly sanctioned the player's loan exit.
And the 20-year-old could be heading back to the second tier, where he spent the most part of last season on loan to Brighton & Hove Albion.
Wilson, who has one cap for England at under-21 level, began his Old Trafford career with a bang, scoring twice en debut in a 3-1 win against Hull City two-and-a-half years ago.
However, his progress has stalled since then, with another Red Devils academy graduate, Marcus Rashford, surpassing him in the pecking order.
Derby boss Nigel Pearson, who is yet to make a single signing since taking over, has previous when it comes to getting the best out of Manchester United youngsters, with James Chester, Robbie Brady and Danny Drinkwater among those to have flourished under his guidance.
Fulham, meanwhile, will be keen to add to their attacking ranks having sold Ross McCormack to Aston Villa earlier this month.