The Cottagers' manager says the player wants to join the club, but it's back in the hands of executives.
"We have put a bid in for Ravel Morrison but that got knocked back and we move on," Meulensteen said after Fulham's 3-0 FA Cup third round win over Norwich. "It's back with Alistair Mackintosh [Fulham CEO]. We'll see what happens."
Goal exclusively revealed on January 7 that Morrison told Sam Allardyce he wanted to move to Craven Cottage, with the promise of a salary increase and the opportunity to re-unite with former Manchester United coach Meulensteen particularly tempting.
Morrison, 20, has been in fine form for the Hammers this season, earning plaudits for his return of five goals in 18 games despite West Ham's difficult campaign thus far.
Morrison's current contract at Upton Park expires in 18 months.