Martin Jol's team had agreed a deal to bring the 29-year-old to Craven Cottage but the Ghana international has indicated that talks have broken down on his Twitter account
The 29-year-old had been linked with a move to the west London side throughout the summer, with West Brom also rumored to be interested in his services.
Reports had initially suggested that coach Martin Jol had failed with a bid for the Ghana international, but the Cottagers did eventually agree a deal earlier on deadline day.
However, the player, who is keen to leave Dnipro after manager and former Tottenham boss Juande Ramos revealed he is no longer part of his plans, has now indicated that the move has broken down.
He wrote on his Twitter account: "Deal with @fulhamfc is off."
Boateng, who can play as a defensive midfielder or at center back, could have helped to fill the void left by the likes of Dickson Etuhu, Mousa Dembele and Danny Murphy, who have all left the club this summer.
Fulham has already been busy in this summer's transfer window, adding Dimitar Berbatov, Hugo Rodallega, Mladen Petric, Sascha Riether and Kieran Richardson to their ranks.
However the club has seen one of its stars from last year leave in Dembele, who completed a move to White Hart Lane, while Clint Dempsey is also seeking a move away from the club but rejected an offer form Aston Villa.