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The Costa Rica international has struggled to secure a regular place at Craven Cottage since signing in August 2011, and has only started eight games in the Premier League this season.
“We have allowed Bryan to speak to a number of clubs. We will see if something comes out of that," Meulensteen told reporters.
“There is some contact with clubs in Spain, Betis are one of them, and Holland would be another option. He will look at what suits him best.
“Bryan’s got a World Cup coming up and needs to play. He’s a good player.
“I wouldn’t call him an expensive mistake – he was the right choice and the right investment at the time.”
La Liga outfit Real Betis have emerged as favourites for the 28-year-old's signature.
Betis assistant coach Sergio Fernandez hinted a loan deal was imminent, and believes Ruiz will be "perfect" for the team.
Speaking to Diario de Sevilla, he said: "Bryan Ruiz is a fantastic player, links up well with team-mates, has a good shot and brings lots of creativity.
"We are confident that his game and his qualities are perfect for our team and that he can put Betis on the right place in the ranking. I think he can settle in quickly."